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KiangW

KiangW

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2021-11-25

🚀

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2021-07-15

This article rambles on and has no point

Inflation: The Next Stage Of The Global Financial Crisis 2007-2031<blockquote>通货膨胀：2007-2031年全球金融危机的下一阶段</blockquote>

2021-06-20

Less is more

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2021-06-18

Wedge closing soon. Breakout !! 🚀🚀🚀

Alibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票：触底过程似乎已经形成</blockquote>

2021-06-16

Broke wedge. Up !

2 Reasons Netflix Will Win Its Merchandising Gambit<blockquote>Netflix赢得营销策略的2个原因</blockquote>

2021-06-15

This is momentum play and not valuation

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2021-06-11

Inflation not in play yet

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2021-06-10

Wsb has been compromised

Anatomy Of A Short Squeeze: This Is How Hedge Funds Pounce On Retail Meme Stocks<blockquote>空头挤压剖析：对冲基金就是这样扑向零售模因股票的</blockquote>

2021-06-10

Good for xop?

Why One Bank Thinks ESG Could Trigger Hyperinflation<blockquote>为什么一家银行认为ESG可能引发恶性通货膨胀</blockquote>

2021-06-09

Meme is over. Too many stocks on wsb

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2021-06-08

Need to read Reddit everyday now

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2021-06-06

Bad timing

U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</blockquote>

2021-06-03

Ouch 🤕

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2021-06-03

Damn I sold bb

Meme stocks are flying again in premarket trading<blockquote>迷因股票在盘前交易中再次飞涨</blockquote>

2021-06-02

Long term play

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2021-06-01

So fast included in index

JD Logistics rises on inclusion in Hang Seng Composite Index<blockquote>京东物流因纳入恒生综合指数而上涨</blockquote>

2021-05-31

Spce 🤞

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2021-05-31

Lulu 💪

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2021-05-28

$BB 🚀🚀🚀

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2021-05-27

What’s the price target

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article rambles on and has no point&nbsp;","listText":"This article rambles on and has no point&nbsp;","text":"This article rambles on and has no point","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/147993785","repostId":"1122873304","repostType":4,"repost":{"id":"1122873304","kind":"news","pubTimestamp":1626320892,"share":"https://www.laohu8.com/m/news/1122873304?lang=zh_CN&edition=full","pubTime":"2021-07-15 11:48","market":"us","language":"en","title":"Inflation: The Next Stage Of The Global Financial Crisis 2007-2031<blockquote>通货膨胀：2007-2031年全球金融危机的下一阶段</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122873304","media":"zerohedge","summary":"“The evil that men do lives after them; the good is oft interred with their bones; so be it with Caesar.”“Oh, that’s nothing to worry about, the central banks have no choice but to keep juicing markets”…The market is so focused on the short-term and ignoring the consequences of the last 10 years of QE, monetary experimentation and easy rates, that its blundering into the next crisis. Inflation matters, and has jumped from financial assets into the real economy.I should warn readers this morning’","content":"<p><i>“The evil that men do lives after them; the good is oft interred with their bones; so be it with Caesar.”</i></p><p><blockquote><i>“人所行的恶，必后生；善人常与尸骨一同埋葬。凯撒也是如此。”</i></blockquote></p><p> <b><i>What Inflation? “Oh, that’s nothing to worry about, the central banks have no choice but to keep juicing markets”… The market is so focused on the short-term and ignoring the consequences of the last 10 years of QE, monetary experimentation and easy rates, that its blundering into the next crisis. Inflation matters, and has jumped from financial assets into the real economy.</i></b></p><p><blockquote><b><i>什么通货膨胀？“哦，这没什么好担心的，央行别无选择，只能继续刺激市场”……市场如此关注短期，忽视了过去10年量化宽松、货币实验和宽松利率的后果，以至于它陷入了下一场危机。通货膨胀很重要，而且已经从金融资产跳到了实体经济。</i></b></blockquote></p><p> <i>I should warn readers this morning’s porridge is going to be yet another of my irregular notes on how the Global Financial Crisis (“GFC”) which began in 2007 is still with us.. We’re just moving on to a new stage… Enjoy Chapter 384 of&nbsp;The Fall of Money – The GFC: 2007-2031.</i></p><p><blockquote><i>我应该警告读者，今天早上的粥将是我关于2007年开始的全球金融危机（“GFC”）如何仍然伴随着我们的又一次不定期笔记..我们正在进入一个新的阶段……欣赏《金钱的陨落——GFC：2007-2031》的第384章。</i></blockquote></p><p> This morning – What inflation?</p><p><blockquote>今天早上——什么通货膨胀？</blockquote></p><p> Huh? Last week the market convinced itself inflation&nbsp;<i><u>apparently</u></i>wasn’t an issue. Yield curves flattened, bonds tightened, and even though stocks were anticipating the best-ever-earnings-season, there was&nbsp;<i><u>absolutely</u></i>&nbsp;nothing to worry about in terms of rising prices… Apparently…</p><p><blockquote>啊？上周市场确信通胀<i><u>显然</u></i>不是问题。收益率曲线变平，债券收紧，尽管股市预计将迎来有史以来最好的财报季，但<i><u>绝对地</u></i>价格上涨没什么可担心的……显然……</blockquote></p><p> <b>Apparently</b>and&nbsp;<b>Absolutely</b>&nbsp;are two very dangerous words in finance… They raise the likelihood you’ve got it completely wrong, ie:&nbsp;<i>Apparently</i>&nbsp;you couldn’t lose, but you did… Returns were&nbsp;<i>Absolutely</i>guaranteed.. till the company went burst.</p><p><blockquote><b>显然</b>和<b>绝对地</b>在金融领域是两个非常危险的词……它们增加了你完全弄错的可能性，即：<i>显然</i>你不能输，但你输了……回报是<i>绝对地</i>保证..直到公司倒闭。</blockquote></p><p> As we’ve learn’t this morning UK Inflation has risen to 2.5% – raising the prospect of a letter from the Bank explaining why. The headline US CPI data yesterday was even stronger – 5.4% yoy, and 0.9% over the last month! That’s not quite Zimbabwe but… you get the drift… When it happens in Europe… well the Germans are going to have a monumental hissy fit. (Top investment tip: stay long wheelbarrows.)</p><p><blockquote>正如我们今天早上了解到的那样，英国通胀率已升至2.5%，这增加了央行致函解释原因的可能性。昨天的总体美国CPI数据甚至更强劲——同比增长5.4%，环比增长0.9%！这不完全是津巴布韦，但是…你明白了…当它发生在欧洲时…德国人会大发脾气。（顶级投资提示：长期使用独轮车。）</blockquote></p><p> Inflation matters. Its critical to bonds and long-term returns. The market should look like it’s been slapped with the Wet-Halibut of Rampant Inflation, but, it doesn’t seem to have learnt the lesson. This morning, the financial-commentariat is awash with analysis of how the Fed, BoE and ECB will all hold off from any hint of “taper” response to inflation, in order to keep frothy markets from collapsing.</p><p><blockquote>通货膨胀很重要。这对债券和长期回报至关重要。市场应该看起来像是被猖獗的通胀打了一巴掌，但是，它似乎还没有吸取教训。今天早上，金融评论充斥着对美联储、英国央行和欧洲央行将如何避免对通胀做出任何“缩减”反应的暗示，以防止泡沫市场崩溃的分析。</blockquote></p><p> Fed-Watching used to be the delicate art of understanding the indecipherable nuances of Fed-Speak, forensically dissecting the commentary and numbers and drawing conclusions based on a clear understanding of what was left unsaid and the Fed’s mandate.</p><p><blockquote>观察美联储曾经是一门微妙的艺术，可以理解美联储言论中难以理解的细微差别，对评论和数字进行法医剖析，并根据对未说的话和美联储使命的清晰理解得出结论。</blockquote></p><p> Not today.</p><p><blockquote>今天不行。</blockquote></p><p> Fed watching today is about understanding how Jerome Powell and his merry gang are now hamstrung and tripping over themselves about not spooking markets over rate rises, taper-talk or doing anything that might unwind what they’ve being doing the last 12 years – frothing markets with unlimited QE, inappropriate rates, regulation and spin.</p><p><blockquote>美联储今天的观察是为了了解杰罗姆·鲍威尔和他的快乐团伙现在是如何被束缚和绊倒的，因为他们没有因为加息、缩减开支或做任何可能放松他们过去12年所做的事情而惊吓市场——泡沫市场无限量化宽松、不适当的利率、监管和旋转。</blockquote></p><p> <b>The brutal reality is the Central Bankers,&nbsp;</b><b><i>who are all honourable men and women</i></b><b>, understand the levers they pull no longer function as they once did. Why? Well, these honourable men and women have broken the system as a consequence of their actions. Oops. Now they have no choice but to follow.. which means trouble ahead until the global financial system can be resolved.</b></p><p><blockquote><b>残酷的现实是央行行长们，</b><b><i>他们都是可敬的男男女女</i></b><b>，明白他们拉动的杠杆不再像以前那样发挥作用了。为什么？好吧，这些可敬的男人和女人因为他们的行为而打破了这个系统。哎呀。现在他们别无选择，只能跟随..这意味着在全球金融体系得到解决之前，麻烦还在后头。</b></blockquote></p><p> The start reality is Central Banks have no answer to inflation except to hope and carry on. They are caught between the Scylla of Inflation and the Charybdis of a market collapse. Eek! Which is why so many analysts are confident the markets will win out and keep going higher – because central banks have little choice but to go with it and keep up the stimulus.</p><p><blockquote>最初的现实是，央行除了希望和坚持之外，对通胀没有答案。他们被夹在通货膨胀的“锡拉”和市场崩溃的“腹背受敌”之间。哎呀！这就是为什么如此多的分析师相信市场将获胜并继续走高——因为央行别无选择，只能随波逐流并继续刺激。</blockquote></p><p> <b>Most of the market is fixated on what the S&amp;P does this afternoon, what new high the NASDAQ will make this month, or where Amazon is going to top this quarter. They have the vision of a blind man when it comes to anything much beyond the end of their one-year time horizon. Even the bond market seems blind.</b></p><p><blockquote><b>大多数市场都在关注标普今天下午的走势、纳斯达克本月将创下什么新高，或者亚马逊本季度将在哪里超越。当涉及到远远超出他们一年时间范围的任何事情时，他们有一个盲人的视野。甚至债券市场似乎也是盲目的。</b></blockquote></p><p> The reality is investment should be about the long term. If you ignore the future in favour of short-term gains its makes it very easy to dismiss the evidence… that inflation is actually a very, very real issue..</p><p><blockquote>现实是投资应该是长期的。如果你为了短期收益而忽视未来，就很容易忽视证据…通货膨胀实际上是一个非常非常现实的问题..</blockquote></p><p> Lots of smart non-financial assets funds do understand that, and see just how horribly distorted markets have become. That’s why they are so keen to diversify out of corrupted financial assets and into real assets – the hot part of the market (and what I’ve been doing in Alternative Assets for the last 12 years.)</p><p><blockquote>许多聪明的非金融资产基金确实明白这一点，并看到市场已经变得多么扭曲。这就是为什么他们如此热衷于多元化，摆脱腐败的金融资产，进入实物资产——这是市场的热门部分（也是我过去12年来在另类资产领域所做的事情）。</blockquote></p><p></p><p> Going back to inflation, the outlook is complex – another reason such a large part of the financial blogosphere is ignoring it. For instance; it’s possible to argue the rise in commodity prices is a factor of hoarding; manufacturers anticipating a surge Covid recovery and preparing for massive post-pandemic demand. The spikes in commodities from Copper to Lumber are now in reverse – supporting the market’s contention the inflation number is something of an overshoot.</p><p><blockquote>回到通胀，前景很复杂——这也是金融博客圈如此大一部分人忽视通胀的另一个原因。例如；可以说大宗商品价格上涨是囤积的一个因素；制造商预计新冠疫情复苏将激增，并为大流行后的巨大需求做好准备。从铜到木材等大宗商品的飙升现在已经逆转，这支持了市场关于通胀数据有些超调的论点。</blockquote></p><p> <b>Oil is an outlier.</b>OPEC is a monopoly price setter, but is going through yet another of its periodic organisational crisis resulting in a spike that’s proving difficult to hedge. Owning oil is not a pleasant outcome for anyone – as we saw last year when traders found themselves owning negative priced oil when storage was unavailable.</p><p><blockquote><b>石油是一个异常值。</b>欧佩克是垄断价格制定者，但正在经历另一场周期性组织危机，导致价格飙升，事实证明难以对冲。拥有石油对任何人来说都不是一个愉快的结果——正如我们去年看到的那样，当储存量不可用时，交易员发现自己拥有负价格的石油。</blockquote></p><p> Some of the important underlying trends in the economy – like used cars, where prices are rising. It hints that its details of specific inflation factors in each price that are important. Cars are a good example – we’re all aware of the global shortage of chips enabling car makers to cut production and create scarcity, pushing up new car prices, dragging second hand values higher as consumers seek alternatives. &nbsp;On the other hand – new car prices have been rising for years, with higher costs “justified” by the increasing amount of tech junk put into cars.. As the EU announces it will outlaw new ICE (internal combustion engine) vehicles by 2040, I wonder if we are going to see a new counter-trend develop.</p><p><blockquote>经济中一些重要的潜在趋势——比如二手车，价格正在上涨。它暗示了它的细节，具体的通货膨胀因素在每个价格是重要的。汽车就是一个很好的例子——我们都知道，全球芯片短缺导致汽车制造商减产并造成短缺，推高新车价格，随着消费者寻求替代品，二手车价格上涨。另一方面，新车价格多年来一直在上涨，越来越多的科技垃圾被放入汽车中证明了更高的成本是“合理的”..随着欧盟宣布到2040年将禁止新型ICE（内燃机）汽车，我想知道我们是否会看到新的反趋势发展。</blockquote></p><p> To explain, consider the Land Rover:</p><p><blockquote>为了解释，请考虑路虎：</blockquote></p><p> <ul>  <li>A 10 year-old low milage, full service history, Range Rover in immaculate condition may be worth £16k. A 20 year battered Defender with zero documents is worth £32k! But you can fix it with Gaffa Tape, WD40 and a hammer. (If it moves and shouldn’t: Gaffa tape it. If it still moves; more Gaffa tape. If it doesn’t move: WD40 and persuade it with a hammer.)</li> </ul> <b>However, inflation complacency may be the least of Central Bank worries. You may have spotted an increasing number of breathless articles from around the globe on House Price Inflation.</b></p><p><blockquote><ul><li>一辆拥有10年低里程、完整保养历史、状况完美的路虎揽胜可能价值1.6万英镑。一个被打了20年却没有任何证件的卫士价值3.2万英镑！但是你可以用Gaffa胶带，WD40和锤子来固定。（如果它动了，不应该：Gaffa胶带它。如果它仍然动；更多的Gaffa胶带。如果它不动：WD40并用锤子说服它。）</li></ul><b>然而，通胀自满可能是央行最不担心的问题。你可能已经发现了越来越多来自全球各地的关于房价通胀的令人窒息的文章。</b></blockquote></p><p> Everywhere on the planet the affluent classes – those with savings, who’ve done well from lockdown, and already on the property ladder – have been driving an uptick in property. Its debt fuelled and an illiquid market – no one sells till they see what they want to buy, and the ladder is actually a pyramid, with fewer assets on each successively higher rung.</p><p><blockquote>在地球上的任何地方，富裕阶层——那些有储蓄的人，那些在封锁期间过得很好，并且已经在房地产阶梯上的人——一直在推动房地产价格的上涨。它助长了债务和缺乏流动性的市场——没有人会卖出，直到他们看到他们想买的东西，阶梯实际上是一个金字塔，每一个连续更高的梯级上的资产都越来越少。</blockquote></p><p> The result is record home prices nearly everywhere. This week Powell and US Treasury Sec Janet Yellen are going to chat about it at the Financial Stability Oversight Council – a body setup post Global Financial Crisis (“GFC”) in 2010 to identify excessive risks to the US Financial System. About time.. Housing is more frothy than 2007 according to the Case-Shiller US property value index. (Incidentally… so is just about any other market…but, I;ve said that many times before..)</p><p><blockquote>结果是几乎所有地方的房价都创历史新高。本周，鲍威尔和美国财政部Sec珍妮特·耶伦(Janet Yellen)将在金融稳定监督委员会(Financial Stability Oversight Council)上讨论此事，该委员会是2010年全球金融危机(“GFC”)后成立的机构，旨在识别美国金融体系的过度风险。差不多时间了..根据Case-Shiller美国房地产价值指数，房地产泡沫比2007年更大。（顺便说一句……其他市场也是如此……但是，我以前已经说过很多次了……）</blockquote></p><p> Rightly, Janet and Jerome are concerned a second housing bubble bursting could shake the foundations of finance… again. However, this time will be different. The housing market is not vulnerable to a massive number of low-credit-score mortgagees defaulting, but to a large number of affluent middle classes suddenly finding themselves financial stretched, on a rung of the ladder they can’t afford, and sitting on negative equity when the bubble bursts.</p><p><blockquote>珍妮特和杰罗姆担心第二次房地产泡沫破裂可能会再次动摇金融的基础，这是正确的。然而，这一次会有所不同。房地产市场并不容易受到大量低信用评分抵押贷款人违约的影响，而是容易受到大量富裕中产阶级突然发现自己财务捉襟见肘，处于他们负担不起的阶梯上，并坐在负资产上泡沫破裂时。</blockquote></p><p> In the UK, we live with negative equity. In the US, you walk away. Whatever, these consumers consume less.</p><p><blockquote>在英国，我们生活在负资产中。在美国，你走开。不管怎样，这些消费者消费更少。</blockquote></p><p> The structure of the market has also changed. Banks don’t lend anymore. They broke their risks off to the investment sector. In the case of US mortgages – back to government through the Mortgage Backed Bond buyback schemes, and to the non-bank financial institutions than now finance, originate and service mortgages…</p><p><blockquote>市场的结构也发生了变化。银行不再放贷了。他们将风险转移到了投资领域。就美国抵押贷款而言——通过抵押贷款支持债券回购计划返还给政府，并返还给现在融资、发放和服务抵押贷款的非银行金融机构……</blockquote></p><p> <b>This is going to be the really big problem of the next stage of the Global Financial Crisis 2007-2031.</b>Real Assets! Smart money has been loading up on real assets on the basis they are decorrelated from the increasingly corrupted financial asset sector, but they reality is real assets from property, private equity, secured lending, aircraft, shipping, you-name-it, is now getting just as frothy as a result of all that inflation tied up in financial assets now spilling into the real economy…</p><p><blockquote><b>这将是2007-2031年全球金融危机下一阶段的真正大问题。</b>实物资产！聪明的资金一直在买入实物资产，因为它们与日益腐败的金融资产行业无关，但现实是，来自房地产、私募股权、担保贷款、飞机、航运等领域的实物资产，现在都变得越来越泡沫由于所有与金融资产相关的通货膨胀现在蔓延到实体经济……</blockquote></p><p> <b>Financial Asset Inflation has infected the real economy….</b></p><p><blockquote><b>金融资产通胀已经感染了实体经济。</b></blockquote></p><p> Time to think again… All these honourable men and women in Central Banks must dread Caesar’s ghost coming back to haunt the monetary experiment they started in 2010 going so badly wrong…</p><p><blockquote>是时候重新思考了……央行里所有这些可敬的男男女女一定害怕凯撒的鬼魂会回来困扰他们在2010年开始的货币实验，结果却出了如此严重的问题……</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Inflation: The Next Stage Of The Global Financial Crisis 2007-2031<blockquote>通货膨胀：2007-2031年全球金融危机的下一阶段</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nInflation: The Next Stage Of The Global Financial Crisis 2007-2031<blockquote>通货膨胀：2007-2031年全球金融危机的下一阶段</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-07-15 11:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p><i>“The evil that men do lives after them; the good is oft interred with their bones; so be it with Caesar.”</i></p><p><blockquote><i>“人所行的恶，必后生；善人常与尸骨一同埋葬。凯撒也是如此。”</i></blockquote></p><p> <b><i>What Inflation? “Oh, that’s nothing to worry about, the central banks have no choice but to keep juicing markets”… The market is so focused on the short-term and ignoring the consequences of the last 10 years of QE, monetary experimentation and easy rates, that its blundering into the next crisis. Inflation matters, and has jumped from financial assets into the real economy.</i></b></p><p><blockquote><b><i>什么通货膨胀？“哦，这没什么好担心的，央行别无选择，只能继续刺激市场”……市场如此关注短期，忽视了过去10年量化宽松、货币实验和宽松利率的后果，以至于它陷入了下一场危机。通货膨胀很重要，而且已经从金融资产跳到了实体经济。</i></b></blockquote></p><p> <i>I should warn readers this morning’s porridge is going to be yet another of my irregular notes on how the Global Financial Crisis (“GFC”) which began in 2007 is still with us.. We’re just moving on to a new stage… Enjoy Chapter 384 of&nbsp;The Fall of Money – The GFC: 2007-2031.</i></p><p><blockquote><i>我应该警告读者，今天早上的粥将是我关于2007年开始的全球金融危机（“GFC”）如何仍然伴随着我们的又一次不定期笔记..我们正在进入一个新的阶段……欣赏《金钱的陨落——GFC：2007-2031》的第384章。</i></blockquote></p><p> This morning – What inflation?</p><p><blockquote>今天早上——什么通货膨胀？</blockquote></p><p> Huh? Last week the market convinced itself inflation&nbsp;<i><u>apparently</u></i>wasn’t an issue. Yield curves flattened, bonds tightened, and even though stocks were anticipating the best-ever-earnings-season, there was&nbsp;<i><u>absolutely</u></i>&nbsp;nothing to worry about in terms of rising prices… Apparently…</p><p><blockquote>啊？上周市场确信通胀<i><u>显然</u></i>不是问题。收益率曲线变平，债券收紧，尽管股市预计将迎来有史以来最好的财报季，但<i><u>绝对地</u></i>价格上涨没什么可担心的……显然……</blockquote></p><p> <b>Apparently</b>and&nbsp;<b>Absolutely</b>&nbsp;are two very dangerous words in finance… They raise the likelihood you’ve got it completely wrong, ie:&nbsp;<i>Apparently</i>&nbsp;you couldn’t lose, but you did… Returns were&nbsp;<i>Absolutely</i>guaranteed.. till the company went burst.</p><p><blockquote><b>显然</b>和<b>绝对地</b>在金融领域是两个非常危险的词……它们增加了你完全弄错的可能性，即：<i>显然</i>你不能输，但你输了……回报是<i>绝对地</i>保证..直到公司倒闭。</blockquote></p><p> As we’ve learn’t this morning UK Inflation has risen to 2.5% – raising the prospect of a letter from the Bank explaining why. The headline US CPI data yesterday was even stronger – 5.4% yoy, and 0.9% over the last month! That’s not quite Zimbabwe but… you get the drift… When it happens in Europe… well the Germans are going to have a monumental hissy fit. (Top investment tip: stay long wheelbarrows.)</p><p><blockquote>正如我们今天早上了解到的那样，英国通胀率已升至2.5%，这增加了央行致函解释原因的可能性。昨天的总体美国CPI数据甚至更强劲——同比增长5.4%，环比增长0.9%！这不完全是津巴布韦，但是…你明白了…当它发生在欧洲时…德国人会大发脾气。（顶级投资提示：长期使用独轮车。）</blockquote></p><p> Inflation matters. Its critical to bonds and long-term returns. The market should look like it’s been slapped with the Wet-Halibut of Rampant Inflation, but, it doesn’t seem to have learnt the lesson. This morning, the financial-commentariat is awash with analysis of how the Fed, BoE and ECB will all hold off from any hint of “taper” response to inflation, in order to keep frothy markets from collapsing.</p><p><blockquote>通货膨胀很重要。这对债券和长期回报至关重要。市场应该看起来像是被猖獗的通胀打了一巴掌，但是，它似乎还没有吸取教训。今天早上，金融评论充斥着对美联储、英国央行和欧洲央行将如何避免对通胀做出任何“缩减”反应的暗示，以防止泡沫市场崩溃的分析。</blockquote></p><p> Fed-Watching used to be the delicate art of understanding the indecipherable nuances of Fed-Speak, forensically dissecting the commentary and numbers and drawing conclusions based on a clear understanding of what was left unsaid and the Fed’s mandate.</p><p><blockquote>观察美联储曾经是一门微妙的艺术，可以理解美联储言论中难以理解的细微差别，对评论和数字进行法医剖析，并根据对未说的话和美联储使命的清晰理解得出结论。</blockquote></p><p> Not today.</p><p><blockquote>今天不行。</blockquote></p><p> Fed watching today is about understanding how Jerome Powell and his merry gang are now hamstrung and tripping over themselves about not spooking markets over rate rises, taper-talk or doing anything that might unwind what they’ve being doing the last 12 years – frothing markets with unlimited QE, inappropriate rates, regulation and spin.</p><p><blockquote>美联储今天的观察是为了了解杰罗姆·鲍威尔和他的快乐团伙现在是如何被束缚和绊倒的，因为他们没有因为加息、缩减开支或做任何可能放松他们过去12年所做的事情而惊吓市场——泡沫市场无限量化宽松、不适当的利率、监管和旋转。</blockquote></p><p> <b>The brutal reality is the Central Bankers,&nbsp;</b><b><i>who are all honourable men and women</i></b><b>, understand the levers they pull no longer function as they once did. Why? Well, these honourable men and women have broken the system as a consequence of their actions. Oops. Now they have no choice but to follow.. which means trouble ahead until the global financial system can be resolved.</b></p><p><blockquote><b>残酷的现实是央行行长们，</b><b><i>他们都是可敬的男男女女</i></b><b>，明白他们拉动的杠杆不再像以前那样发挥作用了。为什么？好吧，这些可敬的男人和女人因为他们的行为而打破了这个系统。哎呀。现在他们别无选择，只能跟随..这意味着在全球金融体系得到解决之前，麻烦还在后头。</b></blockquote></p><p> The start reality is Central Banks have no answer to inflation except to hope and carry on. They are caught between the Scylla of Inflation and the Charybdis of a market collapse. Eek! Which is why so many analysts are confident the markets will win out and keep going higher – because central banks have little choice but to go with it and keep up the stimulus.</p><p><blockquote>最初的现实是，央行除了希望和坚持之外，对通胀没有答案。他们被夹在通货膨胀的“锡拉”和市场崩溃的“腹背受敌”之间。哎呀！这就是为什么如此多的分析师相信市场将获胜并继续走高——因为央行别无选择，只能随波逐流并继续刺激。</blockquote></p><p> <b>Most of the market is fixated on what the S&amp;P does this afternoon, what new high the NASDAQ will make this month, or where Amazon is going to top this quarter. They have the vision of a blind man when it comes to anything much beyond the end of their one-year time horizon. Even the bond market seems blind.</b></p><p><blockquote><b>大多数市场都在关注标普今天下午的走势、纳斯达克本月将创下什么新高，或者亚马逊本季度将在哪里超越。当涉及到远远超出他们一年时间范围的任何事情时，他们有一个盲人的视野。甚至债券市场似乎也是盲目的。</b></blockquote></p><p> The reality is investment should be about the long term. If you ignore the future in favour of short-term gains its makes it very easy to dismiss the evidence… that inflation is actually a very, very real issue..</p><p><blockquote>现实是投资应该是长期的。如果你为了短期收益而忽视未来，就很容易忽视证据…通货膨胀实际上是一个非常非常现实的问题..</blockquote></p><p> Lots of smart non-financial assets funds do understand that, and see just how horribly distorted markets have become. That’s why they are so keen to diversify out of corrupted financial assets and into real assets – the hot part of the market (and what I’ve been doing in Alternative Assets for the last 12 years.)</p><p><blockquote>许多聪明的非金融资产基金确实明白这一点，并看到市场已经变得多么扭曲。这就是为什么他们如此热衷于多元化，摆脱腐败的金融资产，进入实物资产——这是市场的热门部分（也是我过去12年来在另类资产领域所做的事情）。</blockquote></p><p></p><p> Going back to inflation, the outlook is complex – another reason such a large part of the financial blogosphere is ignoring it. For instance; it’s possible to argue the rise in commodity prices is a factor of hoarding; manufacturers anticipating a surge Covid recovery and preparing for massive post-pandemic demand. The spikes in commodities from Copper to Lumber are now in reverse – supporting the market’s contention the inflation number is something of an overshoot.</p><p><blockquote>回到通胀，前景很复杂——这也是金融博客圈如此大一部分人忽视通胀的另一个原因。例如；可以说大宗商品价格上涨是囤积的一个因素；制造商预计新冠疫情复苏将激增，并为大流行后的巨大需求做好准备。从铜到木材等大宗商品的飙升现在已经逆转，这支持了市场关于通胀数据有些超调的论点。</blockquote></p><p> <b>Oil is an outlier.</b>OPEC is a monopoly price setter, but is going through yet another of its periodic organisational crisis resulting in a spike that’s proving difficult to hedge. Owning oil is not a pleasant outcome for anyone – as we saw last year when traders found themselves owning negative priced oil when storage was unavailable.</p><p><blockquote><b>石油是一个异常值。</b>欧佩克是垄断价格制定者，但正在经历另一场周期性组织危机，导致价格飙升，事实证明难以对冲。拥有石油对任何人来说都不是一个愉快的结果——正如我们去年看到的那样，当储存量不可用时，交易员发现自己拥有负价格的石油。</blockquote></p><p> Some of the important underlying trends in the economy – like used cars, where prices are rising. It hints that its details of specific inflation factors in each price that are important. Cars are a good example – we’re all aware of the global shortage of chips enabling car makers to cut production and create scarcity, pushing up new car prices, dragging second hand values higher as consumers seek alternatives. &nbsp;On the other hand – new car prices have been rising for years, with higher costs “justified” by the increasing amount of tech junk put into cars.. As the EU announces it will outlaw new ICE (internal combustion engine) vehicles by 2040, I wonder if we are going to see a new counter-trend develop.</p><p><blockquote>经济中一些重要的潜在趋势——比如二手车，价格正在上涨。它暗示了它的细节，具体的通货膨胀因素在每个价格是重要的。汽车就是一个很好的例子——我们都知道，全球芯片短缺导致汽车制造商减产并造成短缺，推高新车价格，随着消费者寻求替代品，二手车价格上涨。另一方面，新车价格多年来一直在上涨，越来越多的科技垃圾被放入汽车中证明了更高的成本是“合理的”..随着欧盟宣布到2040年将禁止新型ICE（内燃机）汽车，我想知道我们是否会看到新的反趋势发展。</blockquote></p><p> To explain, consider the Land Rover:</p><p><blockquote>为了解释，请考虑路虎：</blockquote></p><p> <ul>  <li>A 10 year-old low milage, full service history, Range Rover in immaculate condition may be worth £16k. A 20 year battered Defender with zero documents is worth £32k! But you can fix it with Gaffa Tape, WD40 and a hammer. (If it moves and shouldn’t: Gaffa tape it. If it still moves; more Gaffa tape. If it doesn’t move: WD40 and persuade it with a hammer.)</li> </ul> <b>However, inflation complacency may be the least of Central Bank worries. You may have spotted an increasing number of breathless articles from around the globe on House Price Inflation.</b></p><p><blockquote><ul><li>一辆拥有10年低里程、完整保养历史、状况完美的路虎揽胜可能价值1.6万英镑。一个被打了20年却没有任何证件的卫士价值3.2万英镑！但是你可以用Gaffa胶带，WD40和锤子来固定。（如果它动了，不应该：Gaffa胶带它。如果它仍然动；更多的Gaffa胶带。如果它不动：WD40并用锤子说服它。）</li></ul><b>然而，通胀自满可能是央行最不担心的问题。你可能已经发现了越来越多来自全球各地的关于房价通胀的令人窒息的文章。</b></blockquote></p><p> Everywhere on the planet the affluent classes – those with savings, who’ve done well from lockdown, and already on the property ladder – have been driving an uptick in property. Its debt fuelled and an illiquid market – no one sells till they see what they want to buy, and the ladder is actually a pyramid, with fewer assets on each successively higher rung.</p><p><blockquote>在地球上的任何地方，富裕阶层——那些有储蓄的人，那些在封锁期间过得很好，并且已经在房地产阶梯上的人——一直在推动房地产价格的上涨。它助长了债务和缺乏流动性的市场——没有人会卖出，直到他们看到他们想买的东西，阶梯实际上是一个金字塔，每一个连续更高的梯级上的资产都越来越少。</blockquote></p><p> The result is record home prices nearly everywhere. This week Powell and US Treasury Sec Janet Yellen are going to chat about it at the Financial Stability Oversight Council – a body setup post Global Financial Crisis (“GFC”) in 2010 to identify excessive risks to the US Financial System. About time.. Housing is more frothy than 2007 according to the Case-Shiller US property value index. (Incidentally… so is just about any other market…but, I;ve said that many times before..)</p><p><blockquote>结果是几乎所有地方的房价都创历史新高。本周，鲍威尔和美国财政部Sec珍妮特·耶伦(Janet Yellen)将在金融稳定监督委员会(Financial Stability Oversight Council)上讨论此事，该委员会是2010年全球金融危机(“GFC”)后成立的机构，旨在识别美国金融体系的过度风险。差不多时间了..根据Case-Shiller美国房地产价值指数，房地产泡沫比2007年更大。（顺便说一句……其他市场也是如此……但是，我以前已经说过很多次了……）</blockquote></p><p> Rightly, Janet and Jerome are concerned a second housing bubble bursting could shake the foundations of finance… again. However, this time will be different. The housing market is not vulnerable to a massive number of low-credit-score mortgagees defaulting, but to a large number of affluent middle classes suddenly finding themselves financial stretched, on a rung of the ladder they can’t afford, and sitting on negative equity when the bubble bursts.</p><p><blockquote>珍妮特和杰罗姆担心第二次房地产泡沫破裂可能会再次动摇金融的基础，这是正确的。然而，这一次会有所不同。房地产市场并不容易受到大量低信用评分抵押贷款人违约的影响，而是容易受到大量富裕中产阶级突然发现自己财务捉襟见肘，处于他们负担不起的阶梯上，并坐在负资产上泡沫破裂时。</blockquote></p><p> In the UK, we live with negative equity. In the US, you walk away. Whatever, these consumers consume less.</p><p><blockquote>在英国，我们生活在负资产中。在美国，你走开。不管怎样，这些消费者消费更少。</blockquote></p><p> The structure of the market has also changed. Banks don’t lend anymore. They broke their risks off to the investment sector. In the case of US mortgages – back to government through the Mortgage Backed Bond buyback schemes, and to the non-bank financial institutions than now finance, originate and service mortgages…</p><p><blockquote>市场的结构也发生了变化。银行不再放贷了。他们将风险转移到了投资领域。就美国抵押贷款而言——通过抵押贷款支持债券回购计划返还给政府，并返还给现在融资、发放和服务抵押贷款的非银行金融机构……</blockquote></p><p> <b>This is going to be the really big problem of the next stage of the Global Financial Crisis 2007-2031.</b>Real Assets! Smart money has been loading up on real assets on the basis they are decorrelated from the increasingly corrupted financial asset sector, but they reality is real assets from property, private equity, secured lending, aircraft, shipping, you-name-it, is now getting just as frothy as a result of all that inflation tied up in financial assets now spilling into the real economy…</p><p><blockquote><b>这将是2007-2031年全球金融危机下一阶段的真正大问题。</b>实物资产！聪明的资金一直在买入实物资产，因为它们与日益腐败的金融资产行业无关，但现实是，来自房地产、私募股权、担保贷款、飞机、航运等领域的实物资产，现在都变得越来越泡沫由于所有与金融资产相关的通货膨胀现在蔓延到实体经济……</blockquote></p><p> <b>Financial Asset Inflation has infected the real economy….</b></p><p><blockquote><b>金融资产通胀已经感染了实体经济。</b></blockquote></p><p> Time to think again… All these honourable men and women in Central Banks must dread Caesar’s ghost coming back to haunt the monetary experiment they started in 2010 going so badly wrong…</p><p><blockquote>是时候重新思考了……央行里所有这些可敬的男男女女一定害怕凯撒的鬼魂会回来困扰他们在2010年开始的货币实验，结果却出了如此严重的问题……</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/inflation-next-stage-global-financial-crisis-2007-2031\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/markets/inflation-next-stage-global-financial-crisis-2007-2031","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122873304","content_text":"“The evil that men do lives after them; the good is oft interred with their bones; so be it with Caesar.”\nWhat Inflation? “Oh, that’s nothing to worry about, the central banks have no choice but to keep juicing markets”… The market is so focused on the short-term and ignoring the consequences of the last 10 years of QE, monetary experimentation and easy rates, that its blundering into the next crisis. Inflation matters, and has jumped from financial assets into the real economy.\nI should warn readers this morning’s porridge is going to be yet another of my irregular notes on how the Global Financial Crisis (“GFC”) which began in 2007 is still with us.. We’re just moving on to a new stage… Enjoy Chapter 384 of The Fall of Money – The GFC: 2007-2031.\nThis morning – What inflation?\nHuh? Last week the market convinced itself inflation apparentlywasn’t an issue. Yield curves flattened, bonds tightened, and even though stocks were anticipating the best-ever-earnings-season, there was absolutely nothing to worry about in terms of rising prices… Apparently…\nApparentlyand Absolutely are two very dangerous words in finance… They raise the likelihood you’ve got it completely wrong, ie: Apparently you couldn’t lose, but you did… Returns were Absolutelyguaranteed.. till the company went burst.\nAs we’ve learn’t this morning UK Inflation has risen to 2.5% – raising the prospect of a letter from the Bank explaining why. The headline US CPI data yesterday was even stronger – 5.4% yoy, and 0.9% over the last month! That’s not quite Zimbabwe but… you get the drift… When it happens in Europe… well the Germans are going to have a monumental hissy fit. (Top investment tip: stay long wheelbarrows.)\nInflation matters. Its critical to bonds and long-term returns. The market should look like it’s been slapped with the Wet-Halibut of Rampant Inflation, but, it doesn’t seem to have learnt the lesson. This morning, the financial-commentariat is awash with analysis of how the Fed, BoE and ECB will all hold off from any hint of “taper” response to inflation, in order to keep frothy markets from collapsing.\nFed-Watching used to be the delicate art of understanding the indecipherable nuances of Fed-Speak, forensically dissecting the commentary and numbers and drawing conclusions based on a clear understanding of what was left unsaid and the Fed’s mandate.\nNot today.\nFed watching today is about understanding how Jerome Powell and his merry gang are now hamstrung and tripping over themselves about not spooking markets over rate rises, taper-talk or doing anything that might unwind what they’ve being doing the last 12 years – frothing markets with unlimited QE, inappropriate rates, regulation and spin.\nThe brutal reality is the Central Bankers, who are all honourable men and women, understand the levers they pull no longer function as they once did. Why? Well, these honourable men and women have broken the system as a consequence of their actions. Oops. Now they have no choice but to follow.. which means trouble ahead until the global financial system can be resolved.\nThe start reality is Central Banks have no answer to inflation except to hope and carry on. They are caught between the Scylla of Inflation and the Charybdis of a market collapse. Eek! Which is why so many analysts are confident the markets will win out and keep going higher – because central banks have little choice but to go with it and keep up the stimulus.\nMost of the market is fixated on what the S&P does this afternoon, what new high the NASDAQ will make this month, or where Amazon is going to top this quarter. They have the vision of a blind man when it comes to anything much beyond the end of their one-year time horizon. Even the bond market seems blind.\nThe reality is investment should be about the long term. If you ignore the future in favour of short-term gains its makes it very easy to dismiss the evidence… that inflation is actually a very, very real issue..\nLots of smart non-financial assets funds do understand that, and see just how horribly distorted markets have become. That’s why they are so keen to diversify out of corrupted financial assets and into real assets – the hot part of the market (and what I’ve been doing in Alternative Assets for the last 12 years.)\nGoing back to inflation, the outlook is complex – another reason such a large part of the financial blogosphere is ignoring it. For instance; it’s possible to argue the rise in commodity prices is a factor of hoarding; manufacturers anticipating a surge Covid recovery and preparing for massive post-pandemic demand. The spikes in commodities from Copper to Lumber are now in reverse – supporting the market’s contention the inflation number is something of an overshoot.\nOil is an outlier.OPEC is a monopoly price setter, but is going through yet another of its periodic organisational crisis resulting in a spike that’s proving difficult to hedge. Owning oil is not a pleasant outcome for anyone – as we saw last year when traders found themselves owning negative priced oil when storage was unavailable.\nSome of the important underlying trends in the economy – like used cars, where prices are rising. It hints that its details of specific inflation factors in each price that are important. Cars are a good example – we’re all aware of the global shortage of chips enabling car makers to cut production and create scarcity, pushing up new car prices, dragging second hand values higher as consumers seek alternatives.  On the other hand – new car prices have been rising for years, with higher costs “justified” by the increasing amount of tech junk put into cars.. As the EU announces it will outlaw new ICE (internal combustion engine) vehicles by 2040, I wonder if we are going to see a new counter-trend develop.\nTo explain, consider the Land Rover:\n\nA 10 year-old low milage, full service history, Range Rover in immaculate condition may be worth £16k. A 20 year battered Defender with zero documents is worth £32k! But you can fix it with Gaffa Tape, WD40 and a hammer. (If it moves and shouldn’t: Gaffa tape it. If it still moves; more Gaffa tape. If it doesn’t move: WD40 and persuade it with a hammer.)\n\nHowever, inflation complacency may be the least of Central Bank worries. You may have spotted an increasing number of breathless articles from around the globe on House Price Inflation.\nEverywhere on the planet the affluent classes – those with savings, who’ve done well from lockdown, and already on the property ladder – have been driving an uptick in property. Its debt fuelled and an illiquid market – no one sells till they see what they want to buy, and the ladder is actually a pyramid, with fewer assets on each successively higher rung.\nThe result is record home prices nearly everywhere. This week Powell and US Treasury Sec Janet Yellen are going to chat about it at the Financial Stability Oversight Council – a body setup post Global Financial Crisis (“GFC”) in 2010 to identify excessive risks to the US Financial System. About time.. Housing is more frothy than 2007 according to the Case-Shiller US property value index. (Incidentally… so is just about any other market…but, I;ve said that many times before..)\nRightly, Janet and Jerome are concerned a second housing bubble bursting could shake the foundations of finance… again. However, this time will be different. The housing market is not vulnerable to a massive number of low-credit-score mortgagees defaulting, but to a large number of affluent middle classes suddenly finding themselves financial stretched, on a rung of the ladder they can’t afford, and sitting on negative equity when the bubble bursts.\nIn the UK, we live with negative equity. In the US, you walk away. Whatever, these consumers consume less.\nThe structure of the market has also changed. Banks don’t lend anymore. They broke their risks off to the investment sector. In the case of US mortgages – back to government through the Mortgage Backed Bond buyback schemes, and to the non-bank financial institutions than now finance, originate and service mortgages…\nThis is going to be the really big problem of the next stage of the Global Financial Crisis 2007-2031.Real Assets! Smart money has been loading up on real assets on the basis they are decorrelated from the increasingly corrupted financial asset sector, but they reality is real assets from property, private equity, secured lending, aircraft, shipping, you-name-it, is now getting just as frothy as a result of all that inflation tied up in financial assets now spilling into the real economy…\nFinancial Asset Inflation has infected the real economy….\nTime to think again… All these honourable men and women in Central Banks must dread Caesar’s ghost coming back to haunt the monetary experiment they started in 2010 going so badly wrong…","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1499,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164078336,"gmtCreate":1624163239725,"gmtModify":1631890496856,"author":{"id":"3579748173575180","authorId":"3579748173575180","name":"KiangW","avatar":"https://static.tigerbbs.com/befae1f011000c2d219d79b3f13294a9","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579748173575180","authorIdStr":"3579748173575180"},"themes":[],"title":"","htmlText":"Less is more","listText":"Less is more","text":"Less is more","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/164078336","repostId":"1133385197","repostType":4,"isVote":1,"tweetType":1,"viewCount":3129,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166351634,"gmtCreate":1623993200428,"gmtModify":1631890496861,"author":{"id":"3579748173575180","authorId":"3579748173575180","name":"KiangW","avatar":"https://static.tigerbbs.com/befae1f011000c2d219d79b3f13294a9","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579748173575180","authorIdStr":"3579748173575180"},"themes":[],"title":"","htmlText":"Wedge closing soon. Breakout !! 🚀🚀🚀","listText":"Wedge closing soon. Breakout !! 🚀🚀🚀","text":"Wedge closing soon. Breakout !! 🚀🚀🚀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/166351634","repostId":"1175693382","repostType":4,"repost":{"id":"1175693382","kind":"news","pubTimestamp":1623978463,"share":"https://www.laohu8.com/m/news/1175693382?lang=zh_CN&edition=full","pubTime":"2021-06-18 09:07","market":"hk","language":"en","title":"Alibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票：触底过程似乎已经形成</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175693382","media":"seekingalpha","summary":"Alibaba is probably the most undervalued growth stock right now.The company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.The short term technical picture may be turning bullish with a potential double bottom price action signal.When we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Alibaba is probably the most undervalued growth stock right now.</li>  <li>The company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.</li>  <li>The short term technical picture may be turning bullish with a potential double bottom price action signal.</li>  <li>We discuss the company’s multiple growth drivers and let investors judge for themselves.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/05e63c77d4f3f3dc3d618e43044638bb\" tg-width=\"768\" tg-height=\"512\"><span>Yongyuan Dai/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>阿里巴巴-SW可能是目前最被低估的成长型股票。</li><li>该公司在快速扩张的市场中的多种增长动力使其估值看起来更加令人困惑。</li><li>短期技术面可能会转向看涨，并出现潜在的双底价格走势信号。</li><li>我们讨论公司的多种增长动力，让投资者自行判断。</li></ul><p class=\"t-img-caption\"><span>戴永源/iStock未通过Getty Images发布</span></p></blockquote></p><p> <b>The Technical Thesis</b></p><p><blockquote><b>技术论文</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7febf6ed056b0e3bc038321cdaad9b1c\" tg-width=\"1280\" tg-height=\"782\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> Alibaba’s&nbsp;stock price has endured a terrible 8 months ever since its Ant Financial IPO was pulled in early Nov 20, with the stock languishing in the doldrums 34% off its high. When considering the health of its long term uptrend, it’s clear that BABA has a relatively strong uptrend bias and has generally been well supported along its key 50W MA. The only other time in the last 4 years that it lost its key 50W MA support level was during the 2018 bear market where BABA dropped about 40%, but was still well supported above the important 200W MA, which we usually consider as the “last line of defense”. Right now BABA is somewhat facing a similar situation again: down 34%, lost the 50W MA, but looks to be well supported above the 200W MA. In addition to that, one interesting observation in price action analysis may lead price action traders/investors to be especially bullish: a potential double bottom formation. BABA's price is seemingly going through a double bottom like it did during the 2018 bear market before it rallied strongly thereafter. As a result, BABA’s current level may offer a possible technical buy entry point now.</p><p><blockquote>自11月20日早些时候蚂蚁金服IPO被取消以来，阿里巴巴-SW的股价已经经历了可怕的8个月，股价低迷，较高点下跌了34%。当考虑其长期上升趋势的健康状况时，很明显BABA具有相对较强的上升趋势偏差，并且通常在其关键的50W MA上得到良好支撑。过去4年中唯一一次失去关键的50W MA支撑位是在2018年熊市期间，当时BABA下跌了约40%，但仍在重要的200W MA上方得到良好支撑，我们通常认为这是“最后一道防线”。现在阿里巴巴再次面临类似的情况：下跌34%，失去了50W MA，但看起来在200W MA上方得到了很好的支撑。除此之外，价格行为分析中的一个有趣观察可能会导致价格行为交易者/投资者特别看涨：潜在的双底形成。阿里巴巴的价格似乎正在经历双底，就像2018年熊市期间一样，随后强劲反弹。因此，阿里巴巴目前的水平现在可能提供一个可能的技术买入切入点。</blockquote></p><p> <b>BABA's Fundamental Thesis: Rapidly Expanding Growth Drivers</b></p><p><blockquote><b>阿里巴巴的基本论点：快速扩大增长动力</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eba49f5881708929949c30628eedc5d4\" tg-width=\"934\" tg-height=\"578\"><span>Annual GMV. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>年度GMV。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a4d6c4ed3e2402f5af52b2dea8bab411\" tg-width=\"836\" tg-height=\"517\"><span>Annual e-commerce revenue. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>年电子商务收入。数据来源：公司备案</span></p></blockquote></p><p> BABA’s GMV grew from 1.68T yuan to 7.49T yuan in just a matter of 7 years, which represented a CAGR of 23.8%, a truly amazing growth rate. We also saw its GMV growth being converted into revenue growth as its China commerce revenue grew from 7.67B yuan to 473.68B yuan, at a CAGR of 51% over the last 10 years. While its international footprint remains considerably smaller, it still grew at a CAGR of 30.42% over the last 10 years, which was by no means slow.</p><p><blockquote>阿里巴巴的GMV在短短7年内从1.68 T元增长到7.49 T元，复合年增长率为23.8%，增速确实惊人。我们还看到其GMV增长转化为收入增长，其中国商业收入从76.7亿元增长至4736.8亿元，过去10年复合年增长率为51%。虽然其国际足迹仍然相当小，但在过去10年中，其复合年增长率仍为30.42%，这一点也不慢。</blockquote></p><p> Even though China’s e-commerce market is expected to grow considerably slower at a CAGR of 12.4% over the next three years, from 13.8T yuan, equivalent to $2.16T in 2021 to 19.6T yuan,equivalent to $3.06T by 2024, the massive size of the market still offers tremendous upside potential for BABA and its closest competitors to grow into.</p><p><blockquote>尽管预计未来三年中国电子商务市场的增长速度将大幅放缓，复合年增长率为12.4%，从2021年的13.8 T元（相当于2.16 T美元）增长到2024年的19.6 T元（相当于3.06 T美元），但庞大的市场规模仍然为阿里巴巴及其最接近的竞争对手提供了巨大的增长潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ffe2dee43f267e1d1399c68e3ca60f36\" tg-width=\"600\" tg-height=\"371\"><span>E-commerce revenue in the U.S. Data source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国电子商务收入数据来源：Statista</span></p></blockquote></p><p> When we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the U.S. e-commerce market is only expected to grow at a CAGR of 4.67% from 2021 to 2025, which is significantly slower than China’s 12.4%. In addition, the U.S. market is also expected to reach about $563B in total revenue, which is 18% of what the China market is expected to be worth by then.</p><p><blockquote>当我们通过比较中国与美国电子商务市场的增长率和规模来更清晰地看待事物时，我们可以看到它们的规模和增长率的巨大差异，因为美国电子商务市场预计仅增长2021年至2025年的复合年增长率为4.67%，明显低于中国的12.4%。此外，美国市场的总收入预计也将达到约5630亿美元，是届时中国市场预计价值的18%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0d5a8d0d8a6a2dcdf667a6f33c6c9771\" tg-width=\"1280\" tg-height=\"702\"><span>Peers EBIT Margin and Projected EBIT Margin. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>同行息税前利润率和预计息税前利润率。数据来源：标普资本智商</span></p></blockquote></p><p> Even though Alibaba has been facing increased competitive pressures from its fast growing key competitors: JD.com(NASDAQ:JD)and Pinduoduo(NASDAQ:PDD), BABA has already been operating a much more profitable business (both EBIT and FCF), and is expected to continue delivering strong profitability moving forward, which should give the company tremendous flexibility to compete head on with JD and PDD in its quest to extend its leadership. Investors may observe that BABA’s EBIT margin was affected by the one-off administrative penalty of $2,782M that was reflected in its SG&amp;A, and therefore skewed its EBIT margin to the downside.</p><p><blockquote>尽管阿里巴巴-SW一直面临着来自快速增长的主要竞争对手京东（纳斯达克：JD）和拼多多（纳斯达克：PDD）的越来越大的竞争压力，但阿里巴巴已经在经营利润更高的业务（息税前利润和自由现金流），并且预计未来将继续实现强劲的盈利能力，这将使该公司具有巨大的灵活性，可以与京东和拼多多正面竞争，以扩大其领导地位。投资者可能会注意到，阿里巴巴的息税前利润率受到其SG&amp;A中反映的27.82亿美元一次性行政罚款的影响，因此其息税前利润率出现下行。</blockquote></p><p></p><p> One important move was the company’s decision to further its investment in the Community Marketplace, which is PDD’s main e-commerce strategy that saw PDD gain a total of&nbsp;823M AAC&nbsp;in its latest quarter as compared to BABA’s 891M AAC. PDD’s AAC growth is truly phenomenal considering it had only&nbsp;100M AAC in Q2’C17&nbsp;as compared to BABA’s 466M AAC in the same period.</p><p><blockquote>一项重要举措是该公司决定进一步投资社区市场，这是拼多多的主要电子商务战略，拼多多在最近一个季度总共获得了8.23亿AAC，而阿里巴巴的AAC为8.91亿。与阿里巴巴同期的4.66亿AAC相比，拼多多的AAC在2017年第二季度仅有1亿AAC，其AAC增长确实是惊人的。</blockquote></p><p> Therefore, the momentum of growth has surely swung over to the Community Marketplace segment and BABA would need to pull out its big guns (which it has) to compete for dominance with PDD and JD.</p><p><blockquote>因此，增长势头肯定已经转向社区市场领域，阿里巴巴需要拿出重磅炸弹（它已经拥有）来与拼多多和京东争夺主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3b83b69b08b1f4b11a26393c8e6eead5\" tg-width=\"600\" tg-height=\"371\"><span>Market size of community group buying in China. Data source: iiMedia Research</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国社区团购的市场规模。数据来源：艾媒咨询</span></p></blockquote></p><p> Even though the expected total market size of 102B yuan by 2022 represented only about 21.5% of BABA’s FY 21 China commerce revenue, the expected rapid CAGR of 44.22% over 3 years from 2019 to 2022 cannot be missed by BABA. Although the market is still relatively small, BABA cannot allow the current leader in this market: PDD to so easily dominate and gobble up the early high growth rates at the ignorance of everyone else. Certainly BABA must compete and fight for its place in this segment and strive for early leadership to prevent PDD from extending its lead.</p><p><blockquote>尽管预计到2022年1020亿元的总市场规模仅占阿里巴巴21财年中国商业收入的21.5%左右，但阿里巴巴不能错过2019年至2022年3年内44.22%的预期快速复合年增长率。虽然市场还比较小，但BABA不能让这个市场目前的龙头：PDD在旁人无知的情况下，如此轻易地称霸并吞噬早期的高增长率。当然，阿里巴巴必须竞争并争取自己在这一领域的地位，并争取早期领导地位，以防止拼多多扩大领先优势。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b97b2b4a8a182dc9846d8fb7e4039877\" tg-width=\"1280\" tg-height=\"770\"><span>PDD profitability metrics &amp; revenue growth forecast. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>PDD盈利指标和收入增长预测。数据来源：标普资本智商</span></p></blockquote></p><p> We could observe from the above chart that PDD is expected to continue growing its revenue rapidly over the next few years, even though they are expected to normalize subsequently. More importantly, PDD is also expected to increasingly improve its EBIT and FCF profitability moving forward. This shows that the Community Marketplace segment is an highly important growth driver that BABA must use its strength to exploit in order to deny PDD’s claim to undisputed leadership so early on in the game.</p><p><blockquote>我们可以从上图中观察到，拼多多的收入预计将在未来几年继续快速增长，尽管预计随后将正常化。更重要的是，拼多多预计未来的息税前利润和自由现金流盈利能力也将日益提高。这表明社区市场细分市场是一个非常重要的增长动力，阿里巴巴必须利用其优势来利用它，以否认拼多多在游戏早期声称的无可争议的领导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3aadc32155b4108426a1a982e3b5b1c2\" tg-width=\"640\" tg-height=\"360\"><span>China public cloud spending. Source:China Internet Watch; Canalys</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国公有云支出。来源：中国互联网观察；Canalys</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1c1538b9f7bdc8d6d35a72d9acf8ecbc\" tg-width=\"600\" tg-height=\"371\"><span>Size of China public cloud market. Data source: CAICT; Sina.com.cn</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国公有云市场规模。数据来源：中国信通技术；新浪网</span></p></blockquote></p><p> BABA has a 40% share in China’s public cloud market, way ahead of its key competitors. However, it’s important to note that despite this leadership, BABA is still in heavy investment mode to continue growing its market share as China’s public cloud market is expected to grow from 26.48B yuan in 2017 to 230.74B yuan by 2023, which would represent a CAGR of 43.4%, an incredibly stellar growth rate. This is especially clear when we compare China’s growth rate to the worldwide growth rate (see below) as public cloud spending worldwide is expected to grow from $145B in 2017 to $397B by 2022, that would represent a CAGR of 22.3%.</p><p><blockquote>阿里巴巴在中国公有云市场拥有40%的份额，远远领先于其主要竞争对手。然而，值得注意的是，尽管处于领先地位，阿里巴巴仍处于大力投资模式，以继续扩大其市场份额，因为中国公共云市场预计将从2017年的264.8亿元增长到2023年的2307.4亿元，这将代表CAGR 43.4%，这是一个令人难以置信的出色增长率。当我们将中国的增长率与全球增长率（见下文）进行比较时，这一点尤其明显，因为全球公共云支出预计将从2017年的1450亿美元增长到2022年的3970亿美元，这将代表22.3%的CAGR。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/06198c569504bc303c34563041dfb294\" tg-width=\"600\" tg-height=\"371\"><span>Worldwide public cloud spending. Data source: Gartner</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球公共云支出。数据来源：Gartner</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8482037f60575f964053ab732496bee3\" tg-width=\"1176\" tg-height=\"700\"><span>Worldwide public cloud market share. Source:CnTechPost; Gartner</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球公共云市场份额。来源：CnTechPost；Gartner</span></p></blockquote></p><p> Therefore, I don’t find it surprising that Ali Cloud has continued to extend its lead over Alphabet’s(NASDAQ:GOOGL)(NASDAQ:GOOG)GCP with a market share of 9.5% in 2020. While AMZN remains the clear leader in the market, its market share has been coming down considerably as public cloud spending continues to expand, indicating that there is a huge potential for growth for multiple players to exist. With BABA’s leadership in the rapidly expanding Chinese market, I’m increasingly bullish on the future profit and FCF contribution from this segment to BABA’s performance over time. Although BABA’s cloud segment has not been EBIT profitable yet (FY 21 EBIT margin: -15%, FY 20 EBIT margin: -17.5%), it’s also useful to note that GCP has also not been profitable for Alphabet as well (FY 20 EBIT margin: -42.9%, FY 19 EBIT margin: -52%). Therefore, we need to give BABA some time to scale up its cloud services in APAC and in China where it is expected to have stronger leadership to allow it to grow faster and investors should expect this to be a highly profitable segment over time.</p><p><blockquote>因此，阿里云在2020年以9.5%的市场份额继续扩大对Alphabet（纳斯达克：GOOGL）（纳斯达克：GOOG）GCP的领先优势，我并不觉得奇怪。虽然亚马逊仍然是市场上明显的领导者，但随着公共云支出的持续扩大，其市场份额一直在大幅下降，这表明多个参与者存在巨大的增长潜力。凭借阿里巴巴在快速扩张的中国市场的领导地位，我越来越看好该细分市场未来的利润和自由现金流对阿里巴巴业绩的贡献。尽管阿里巴巴的云部门尚未实现息税前利润（21财年息税前利润率：-15%，20财年息税前利润率：-17.5%），但值得注意的是，Alphabet的GCP也尚未实现盈利（20财年息税前利润率：-42.9%，19财年息税前利润率：-52%）。因此，我们需要给阿里巴巴一些时间来扩大其在亚太地区和中国的云服务规模，预计阿里巴巴将拥有更强大的领导力，使其能够更快地增长，投资者应该预计随着时间的推移，这将是一个高利润的细分市场。</blockquote></p><p> <b>BABA's Valuations Look Highly Compelling</b></p><p><blockquote><b>阿里巴巴的估值看起来非常引人注目</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/62a087c4b3ef7efc2c5dde813e3b959d\" tg-width=\"1000\" tg-height=\"600\"><span>NTM TEV / EBIT 3Y range.</span></p><p><blockquote><p class=\"t-img-caption\"><span>NTM TEV/EBIT 3Y范围。</span></p></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2605c0e5ad364a7a43929fef204595c\" tg-width=\"1280\" tg-height=\"687\"><span>EV / Fwd EBIT and EV / Fwd Rev trend. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/Fwd息税前利润和EV/Fwd Rev趋势。数据来源：标普资本智商</span></p></blockquote></p><p> When we consider BABA's TEV / EBIT historical range, where the 3Y mean read 33.54x, BABA’s EV / Fwd EBIT trend certainly imply a hugely undervalued stock as BABA is still expected to grow its revenue and operating profits rapidly. However, as we wanted to obtain greater clarity over how its counterparts are also valued, we thought it would be useful if we value BABA’s EBIT over a set of benchmark companies that is presented below.</p><p><blockquote>当我们考虑阿里巴巴的TEV/EBIT历史范围（3年平均值为33.54倍）时，阿里巴巴的EV/Fwd EBIT趋势无疑意味着该股票被严重低估，因为预计阿里巴巴的收入和营业利润仍将快速增长。然而，由于我们希望更清楚地了解其同行的估值情况，我们认为如果我们对阿里巴巴的息税前利润进行估值，而不是下面介绍的一组基准公司，这将是有用的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d27873e676dfb23c98d4a69aa5861e02\" tg-width=\"1280\" tg-height=\"1117\"><span>Peers EV / EBIT Valuations. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>同行EV/EBIT估值。数据来源：标普资本智商</span></p></blockquote></p><p> By using a blend of historical and forward EBIT, we could see that BABA’s EV / EBIT really looks undervalued when compared to the median value of the set of observed values from the benchmark companies. We derived a fair value range for BABA of $294.98 at the midpoint of the range, that represented a potential upside of 40.5% based on the current stock price of $210.</p><p><blockquote>通过混合使用历史和远期息税前利润，我们可以看到，与基准公司一组观察值的中值相比，阿里巴巴的EV/EBIT看起来确实被低估了。我们得出阿里巴巴的公允价值范围为294.98美元，位于该范围的中点，基于当前210美元的股价，这意味着40.5%的潜在上涨空间。</blockquote></p><p> <b>Risks to Assumptions</b></p><p><blockquote><b>假设风险</b></blockquote></p><p> Now, it’s obviously baffling to watch how Mr. Market has decided to discount BABA to such an extent as if the company has lost all its key sources of growth, when in fact there is still so much potential upside coming from its commerce segment, the new marketplace initiatives and its growing Ali Cloud segment, among others. The main realistic reason that we identified for the stock's underperformance would simply be regulatory risk. We think investors should acknowledge that this risk is very real and at times huge Chinese companies have found themselves to be subjected to extra scrutiny (which is nothing new in fact) by the Chinese government. What’s critical here is that the Chinese government seemingly has significant clout over the behavior and actions of their tech behemoths that at times may be largely unpredictable. The market certainly hates unpredictability and therefore they may have significantly discounted BABA as a result of that. If investors are not able to handle uncertainty with regard to potentially unpredictable regulatory actions and their aftermath, then BABA may not be appropriate for you. However, if you believe that this is just a blip in BABA’s long journey, then you would surely find BABA's valuations extremely attractive right now, coupled with a long term mindset.</p><p><blockquote>现在，看着先生如何表现显然令人困惑。市场决定对阿里巴巴进行折扣，就好像该公司已经失去了所有关键的增长来源，而事实上，其商业部门、新的市场举措和不断增长的阿里云部门仍有很大的潜在上涨空间，其中。我们认为该股表现不佳的主要现实原因只是监管风险。我们认为投资者应该承认这种风险是非常真实的，有时大型中国公司会发现自己受到中国政府的额外审查（事实上这并不是什么新鲜事）。这里关键的是，中国政府似乎对其科技巨头的行为和行动拥有重大影响力，而这些影响力有时可能在很大程度上是不可预测的。市场当然讨厌不可预测性，因此他们可能会因此大幅折扣阿里巴巴。如果投资者无法应对潜在不可预测的监管行动及其后果的不确定性，那么阿里巴巴可能不适合您。然而，如果你认为这只是阿里巴巴漫长旅程中的一个短暂时刻，那么你肯定会发现阿里巴巴现在的估值极具吸引力，再加上长期思维。</blockquote></p><p> <b>Wrapping It All Up</b></p><p><blockquote><b>把这一切包起来</b></blockquote></p><p> Alibaba has continued to deliver solid results that demonstrated the strong capability of the company to execute well. As the company continues to operate within a market with so many growth drivers that are expected to drive the company’s future growth, investors should find the current valuations highly attractive.</p><p><blockquote>阿里巴巴-SW继续取得稳健的业绩，展示了公司强大的执行能力。由于该公司继续在一个拥有如此多增长动力的市场中运营，预计将推动公司未来的增长，投资者应该会发现当前的估值非常有吸引力。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Alibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票：触底过程似乎已经形成</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAlibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票：触底过程似乎已经形成</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-18 09:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Alibaba is probably the most undervalued growth stock right now.</li>  <li>The company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.</li>  <li>The short term technical picture may be turning bullish with a potential double bottom price action signal.</li>  <li>We discuss the company’s multiple growth drivers and let investors judge for themselves.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/05e63c77d4f3f3dc3d618e43044638bb\" tg-width=\"768\" tg-height=\"512\"><span>Yongyuan Dai/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>阿里巴巴-SW可能是目前最被低估的成长型股票。</li><li>该公司在快速扩张的市场中的多种增长动力使其估值看起来更加令人困惑。</li><li>短期技术面可能会转向看涨，并出现潜在的双底价格走势信号。</li><li>我们讨论公司的多种增长动力，让投资者自行判断。</li></ul><p class=\"t-img-caption\"><span>戴永源/iStock未通过Getty Images发布</span></p></blockquote></p><p> <b>The Technical Thesis</b></p><p><blockquote><b>技术论文</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7febf6ed056b0e3bc038321cdaad9b1c\" tg-width=\"1280\" tg-height=\"782\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> Alibaba’s&nbsp;stock price has endured a terrible 8 months ever since its Ant Financial IPO was pulled in early Nov 20, with the stock languishing in the doldrums 34% off its high. When considering the health of its long term uptrend, it’s clear that BABA has a relatively strong uptrend bias and has generally been well supported along its key 50W MA. The only other time in the last 4 years that it lost its key 50W MA support level was during the 2018 bear market where BABA dropped about 40%, but was still well supported above the important 200W MA, which we usually consider as the “last line of defense”. Right now BABA is somewhat facing a similar situation again: down 34%, lost the 50W MA, but looks to be well supported above the 200W MA. In addition to that, one interesting observation in price action analysis may lead price action traders/investors to be especially bullish: a potential double bottom formation. BABA's price is seemingly going through a double bottom like it did during the 2018 bear market before it rallied strongly thereafter. As a result, BABA’s current level may offer a possible technical buy entry point now.</p><p><blockquote>自11月20日早些时候蚂蚁金服IPO被取消以来，阿里巴巴-SW的股价已经经历了可怕的8个月，股价低迷，较高点下跌了34%。当考虑其长期上升趋势的健康状况时，很明显BABA具有相对较强的上升趋势偏差，并且通常在其关键的50W MA上得到良好支撑。过去4年中唯一一次失去关键的50W MA支撑位是在2018年熊市期间，当时BABA下跌了约40%，但仍在重要的200W MA上方得到良好支撑，我们通常认为这是“最后一道防线”。现在阿里巴巴再次面临类似的情况：下跌34%，失去了50W MA，但看起来在200W MA上方得到了很好的支撑。除此之外，价格行为分析中的一个有趣观察可能会导致价格行为交易者/投资者特别看涨：潜在的双底形成。阿里巴巴的价格似乎正在经历双底，就像2018年熊市期间一样，随后强劲反弹。因此，阿里巴巴目前的水平现在可能提供一个可能的技术买入切入点。</blockquote></p><p> <b>BABA's Fundamental Thesis: Rapidly Expanding Growth Drivers</b></p><p><blockquote><b>阿里巴巴的基本论点：快速扩大增长动力</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eba49f5881708929949c30628eedc5d4\" tg-width=\"934\" tg-height=\"578\"><span>Annual GMV. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>年度GMV。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a4d6c4ed3e2402f5af52b2dea8bab411\" tg-width=\"836\" tg-height=\"517\"><span>Annual e-commerce revenue. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>年电子商务收入。数据来源：公司备案</span></p></blockquote></p><p> BABA’s GMV grew from 1.68T yuan to 7.49T yuan in just a matter of 7 years, which represented a CAGR of 23.8%, a truly amazing growth rate. We also saw its GMV growth being converted into revenue growth as its China commerce revenue grew from 7.67B yuan to 473.68B yuan, at a CAGR of 51% over the last 10 years. While its international footprint remains considerably smaller, it still grew at a CAGR of 30.42% over the last 10 years, which was by no means slow.</p><p><blockquote>阿里巴巴的GMV在短短7年内从1.68 T元增长到7.49 T元，复合年增长率为23.8%，增速确实惊人。我们还看到其GMV增长转化为收入增长，其中国商业收入从76.7亿元增长至4736.8亿元，过去10年复合年增长率为51%。虽然其国际足迹仍然相当小，但在过去10年中，其复合年增长率仍为30.42%，这一点也不慢。</blockquote></p><p> Even though China’s e-commerce market is expected to grow considerably slower at a CAGR of 12.4% over the next three years, from 13.8T yuan, equivalent to $2.16T in 2021 to 19.6T yuan,equivalent to $3.06T by 2024, the massive size of the market still offers tremendous upside potential for BABA and its closest competitors to grow into.</p><p><blockquote>尽管预计未来三年中国电子商务市场的增长速度将大幅放缓，复合年增长率为12.4%，从2021年的13.8 T元（相当于2.16 T美元）增长到2024年的19.6 T元（相当于3.06 T美元），但庞大的市场规模仍然为阿里巴巴及其最接近的竞争对手提供了巨大的增长潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ffe2dee43f267e1d1399c68e3ca60f36\" tg-width=\"600\" tg-height=\"371\"><span>E-commerce revenue in the U.S. Data source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国电子商务收入数据来源：Statista</span></p></blockquote></p><p> When we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the U.S. e-commerce market is only expected to grow at a CAGR of 4.67% from 2021 to 2025, which is significantly slower than China’s 12.4%. In addition, the U.S. market is also expected to reach about $563B in total revenue, which is 18% of what the China market is expected to be worth by then.</p><p><blockquote>当我们通过比较中国与美国电子商务市场的增长率和规模来更清晰地看待事物时，我们可以看到它们的规模和增长率的巨大差异，因为美国电子商务市场预计仅增长2021年至2025年的复合年增长率为4.67%，明显低于中国的12.4%。此外，美国市场的总收入预计也将达到约5630亿美元，是届时中国市场预计价值的18%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0d5a8d0d8a6a2dcdf667a6f33c6c9771\" tg-width=\"1280\" tg-height=\"702\"><span>Peers EBIT Margin and Projected EBIT Margin. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>同行息税前利润率和预计息税前利润率。数据来源：标普资本智商</span></p></blockquote></p><p> Even though Alibaba has been facing increased competitive pressures from its fast growing key competitors: JD.com(NASDAQ:JD)and Pinduoduo(NASDAQ:PDD), BABA has already been operating a much more profitable business (both EBIT and FCF), and is expected to continue delivering strong profitability moving forward, which should give the company tremendous flexibility to compete head on with JD and PDD in its quest to extend its leadership. Investors may observe that BABA’s EBIT margin was affected by the one-off administrative penalty of $2,782M that was reflected in its SG&amp;A, and therefore skewed its EBIT margin to the downside.</p><p><blockquote>尽管阿里巴巴-SW一直面临着来自快速增长的主要竞争对手京东（纳斯达克：JD）和拼多多（纳斯达克：PDD）的越来越大的竞争压力，但阿里巴巴已经在经营利润更高的业务（息税前利润和自由现金流），并且预计未来将继续实现强劲的盈利能力，这将使该公司具有巨大的灵活性，可以与京东和拼多多正面竞争，以扩大其领导地位。投资者可能会注意到，阿里巴巴的息税前利润率受到其SG&amp;A中反映的27.82亿美元一次性行政罚款的影响，因此其息税前利润率出现下行。</blockquote></p><p></p><p> One important move was the company’s decision to further its investment in the Community Marketplace, which is PDD’s main e-commerce strategy that saw PDD gain a total of&nbsp;823M AAC&nbsp;in its latest quarter as compared to BABA’s 891M AAC. PDD’s AAC growth is truly phenomenal considering it had only&nbsp;100M AAC in Q2’C17&nbsp;as compared to BABA’s 466M AAC in the same period.</p><p><blockquote>一项重要举措是该公司决定进一步投资社区市场，这是拼多多的主要电子商务战略，拼多多在最近一个季度总共获得了8.23亿AAC，而阿里巴巴的AAC为8.91亿。与阿里巴巴同期的4.66亿AAC相比，拼多多的AAC在2017年第二季度仅有1亿AAC，其AAC增长确实是惊人的。</blockquote></p><p> Therefore, the momentum of growth has surely swung over to the Community Marketplace segment and BABA would need to pull out its big guns (which it has) to compete for dominance with PDD and JD.</p><p><blockquote>因此，增长势头肯定已经转向社区市场领域，阿里巴巴需要拿出重磅炸弹（它已经拥有）来与拼多多和京东争夺主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3b83b69b08b1f4b11a26393c8e6eead5\" tg-width=\"600\" tg-height=\"371\"><span>Market size of community group buying in China. Data source: iiMedia Research</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国社区团购的市场规模。数据来源：艾媒咨询</span></p></blockquote></p><p> Even though the expected total market size of 102B yuan by 2022 represented only about 21.5% of BABA’s FY 21 China commerce revenue, the expected rapid CAGR of 44.22% over 3 years from 2019 to 2022 cannot be missed by BABA. Although the market is still relatively small, BABA cannot allow the current leader in this market: PDD to so easily dominate and gobble up the early high growth rates at the ignorance of everyone else. Certainly BABA must compete and fight for its place in this segment and strive for early leadership to prevent PDD from extending its lead.</p><p><blockquote>尽管预计到2022年1020亿元的总市场规模仅占阿里巴巴21财年中国商业收入的21.5%左右，但阿里巴巴不能错过2019年至2022年3年内44.22%的预期快速复合年增长率。虽然市场还比较小，但BABA不能让这个市场目前的龙头：PDD在旁人无知的情况下，如此轻易地称霸并吞噬早期的高增长率。当然，阿里巴巴必须竞争并争取自己在这一领域的地位，并争取早期领导地位，以防止拼多多扩大领先优势。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b97b2b4a8a182dc9846d8fb7e4039877\" tg-width=\"1280\" tg-height=\"770\"><span>PDD profitability metrics &amp; revenue growth forecast. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>PDD盈利指标和收入增长预测。数据来源：标普资本智商</span></p></blockquote></p><p> We could observe from the above chart that PDD is expected to continue growing its revenue rapidly over the next few years, even though they are expected to normalize subsequently. More importantly, PDD is also expected to increasingly improve its EBIT and FCF profitability moving forward. This shows that the Community Marketplace segment is an highly important growth driver that BABA must use its strength to exploit in order to deny PDD’s claim to undisputed leadership so early on in the game.</p><p><blockquote>我们可以从上图中观察到，拼多多的收入预计将在未来几年继续快速增长，尽管预计随后将正常化。更重要的是，拼多多预计未来的息税前利润和自由现金流盈利能力也将日益提高。这表明社区市场细分市场是一个非常重要的增长动力，阿里巴巴必须利用其优势来利用它，以否认拼多多在游戏早期声称的无可争议的领导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3aadc32155b4108426a1a982e3b5b1c2\" tg-width=\"640\" tg-height=\"360\"><span>China public cloud spending. Source:China Internet Watch; Canalys</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国公有云支出。来源：中国互联网观察；Canalys</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1c1538b9f7bdc8d6d35a72d9acf8ecbc\" tg-width=\"600\" tg-height=\"371\"><span>Size of China public cloud market. Data source: CAICT; Sina.com.cn</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国公有云市场规模。数据来源：中国信通技术；新浪网</span></p></blockquote></p><p> BABA has a 40% share in China’s public cloud market, way ahead of its key competitors. However, it’s important to note that despite this leadership, BABA is still in heavy investment mode to continue growing its market share as China’s public cloud market is expected to grow from 26.48B yuan in 2017 to 230.74B yuan by 2023, which would represent a CAGR of 43.4%, an incredibly stellar growth rate. This is especially clear when we compare China’s growth rate to the worldwide growth rate (see below) as public cloud spending worldwide is expected to grow from $145B in 2017 to $397B by 2022, that would represent a CAGR of 22.3%.</p><p><blockquote>阿里巴巴在中国公有云市场拥有40%的份额，远远领先于其主要竞争对手。然而，值得注意的是，尽管处于领先地位，阿里巴巴仍处于大力投资模式，以继续扩大其市场份额，因为中国公共云市场预计将从2017年的264.8亿元增长到2023年的2307.4亿元，这将代表CAGR 43.4%，这是一个令人难以置信的出色增长率。当我们将中国的增长率与全球增长率（见下文）进行比较时，这一点尤其明显，因为全球公共云支出预计将从2017年的1450亿美元增长到2022年的3970亿美元，这将代表22.3%的CAGR。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/06198c569504bc303c34563041dfb294\" tg-width=\"600\" tg-height=\"371\"><span>Worldwide public cloud spending. Data source: Gartner</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球公共云支出。数据来源：Gartner</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8482037f60575f964053ab732496bee3\" tg-width=\"1176\" tg-height=\"700\"><span>Worldwide public cloud market share. Source:CnTechPost; Gartner</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球公共云市场份额。来源：CnTechPost；Gartner</span></p></blockquote></p><p> Therefore, I don’t find it surprising that Ali Cloud has continued to extend its lead over Alphabet’s(NASDAQ:GOOGL)(NASDAQ:GOOG)GCP with a market share of 9.5% in 2020. While AMZN remains the clear leader in the market, its market share has been coming down considerably as public cloud spending continues to expand, indicating that there is a huge potential for growth for multiple players to exist. With BABA’s leadership in the rapidly expanding Chinese market, I’m increasingly bullish on the future profit and FCF contribution from this segment to BABA’s performance over time. Although BABA’s cloud segment has not been EBIT profitable yet (FY 21 EBIT margin: -15%, FY 20 EBIT margin: -17.5%), it’s also useful to note that GCP has also not been profitable for Alphabet as well (FY 20 EBIT margin: -42.9%, FY 19 EBIT margin: -52%). Therefore, we need to give BABA some time to scale up its cloud services in APAC and in China where it is expected to have stronger leadership to allow it to grow faster and investors should expect this to be a highly profitable segment over time.</p><p><blockquote>因此，阿里云在2020年以9.5%的市场份额继续扩大对Alphabet（纳斯达克：GOOGL）（纳斯达克：GOOG）GCP的领先优势，我并不觉得奇怪。虽然亚马逊仍然是市场上明显的领导者，但随着公共云支出的持续扩大，其市场份额一直在大幅下降，这表明多个参与者存在巨大的增长潜力。凭借阿里巴巴在快速扩张的中国市场的领导地位，我越来越看好该细分市场未来的利润和自由现金流对阿里巴巴业绩的贡献。尽管阿里巴巴的云部门尚未实现息税前利润（21财年息税前利润率：-15%，20财年息税前利润率：-17.5%），但值得注意的是，Alphabet的GCP也尚未实现盈利（20财年息税前利润率：-42.9%，19财年息税前利润率：-52%）。因此，我们需要给阿里巴巴一些时间来扩大其在亚太地区和中国的云服务规模，预计阿里巴巴将拥有更强大的领导力，使其能够更快地增长，投资者应该预计随着时间的推移，这将是一个高利润的细分市场。</blockquote></p><p> <b>BABA's Valuations Look Highly Compelling</b></p><p><blockquote><b>阿里巴巴的估值看起来非常引人注目</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/62a087c4b3ef7efc2c5dde813e3b959d\" tg-width=\"1000\" tg-height=\"600\"><span>NTM TEV / EBIT 3Y range.</span></p><p><blockquote><p class=\"t-img-caption\"><span>NTM TEV/EBIT 3Y范围。</span></p></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2605c0e5ad364a7a43929fef204595c\" tg-width=\"1280\" tg-height=\"687\"><span>EV / Fwd EBIT and EV / Fwd Rev trend. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/Fwd息税前利润和EV/Fwd Rev趋势。数据来源：标普资本智商</span></p></blockquote></p><p> When we consider BABA's TEV / EBIT historical range, where the 3Y mean read 33.54x, BABA’s EV / Fwd EBIT trend certainly imply a hugely undervalued stock as BABA is still expected to grow its revenue and operating profits rapidly. However, as we wanted to obtain greater clarity over how its counterparts are also valued, we thought it would be useful if we value BABA’s EBIT over a set of benchmark companies that is presented below.</p><p><blockquote>当我们考虑阿里巴巴的TEV/EBIT历史范围（3年平均值为33.54倍）时，阿里巴巴的EV/Fwd EBIT趋势无疑意味着该股票被严重低估，因为预计阿里巴巴的收入和营业利润仍将快速增长。然而，由于我们希望更清楚地了解其同行的估值情况，我们认为如果我们对阿里巴巴的息税前利润进行估值，而不是下面介绍的一组基准公司，这将是有用的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d27873e676dfb23c98d4a69aa5861e02\" tg-width=\"1280\" tg-height=\"1117\"><span>Peers EV / EBIT Valuations. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>同行EV/EBIT估值。数据来源：标普资本智商</span></p></blockquote></p><p> By using a blend of historical and forward EBIT, we could see that BABA’s EV / EBIT really looks undervalued when compared to the median value of the set of observed values from the benchmark companies. We derived a fair value range for BABA of $294.98 at the midpoint of the range, that represented a potential upside of 40.5% based on the current stock price of $210.</p><p><blockquote>通过混合使用历史和远期息税前利润，我们可以看到，与基准公司一组观察值的中值相比，阿里巴巴的EV/EBIT看起来确实被低估了。我们得出阿里巴巴的公允价值范围为294.98美元，位于该范围的中点，基于当前210美元的股价，这意味着40.5%的潜在上涨空间。</blockquote></p><p> <b>Risks to Assumptions</b></p><p><blockquote><b>假设风险</b></blockquote></p><p> Now, it’s obviously baffling to watch how Mr. Market has decided to discount BABA to such an extent as if the company has lost all its key sources of growth, when in fact there is still so much potential upside coming from its commerce segment, the new marketplace initiatives and its growing Ali Cloud segment, among others. The main realistic reason that we identified for the stock's underperformance would simply be regulatory risk. We think investors should acknowledge that this risk is very real and at times huge Chinese companies have found themselves to be subjected to extra scrutiny (which is nothing new in fact) by the Chinese government. What’s critical here is that the Chinese government seemingly has significant clout over the behavior and actions of their tech behemoths that at times may be largely unpredictable. The market certainly hates unpredictability and therefore they may have significantly discounted BABA as a result of that. If investors are not able to handle uncertainty with regard to potentially unpredictable regulatory actions and their aftermath, then BABA may not be appropriate for you. However, if you believe that this is just a blip in BABA’s long journey, then you would surely find BABA's valuations extremely attractive right now, coupled with a long term mindset.</p><p><blockquote>现在，看着先生如何表现显然令人困惑。市场决定对阿里巴巴进行折扣，就好像该公司已经失去了所有关键的增长来源，而事实上，其商业部门、新的市场举措和不断增长的阿里云部门仍有很大的潜在上涨空间，其中。我们认为该股表现不佳的主要现实原因只是监管风险。我们认为投资者应该承认这种风险是非常真实的，有时大型中国公司会发现自己受到中国政府的额外审查（事实上这并不是什么新鲜事）。这里关键的是，中国政府似乎对其科技巨头的行为和行动拥有重大影响力，而这些影响力有时可能在很大程度上是不可预测的。市场当然讨厌不可预测性，因此他们可能会因此大幅折扣阿里巴巴。如果投资者无法应对潜在不可预测的监管行动及其后果的不确定性，那么阿里巴巴可能不适合您。然而，如果你认为这只是阿里巴巴漫长旅程中的一个短暂时刻，那么你肯定会发现阿里巴巴现在的估值极具吸引力，再加上长期思维。</blockquote></p><p> <b>Wrapping It All Up</b></p><p><blockquote><b>把这一切包起来</b></blockquote></p><p> Alibaba has continued to deliver solid results that demonstrated the strong capability of the company to execute well. As the company continues to operate within a market with so many growth drivers that are expected to drive the company’s future growth, investors should find the current valuations highly attractive.</p><p><blockquote>阿里巴巴-SW继续取得稳健的业绩，展示了公司强大的执行能力。由于该公司继续在一个拥有如此多增长动力的市场中运营，预计将推动公司未来的增长，投资者应该会发现当前的估值非常有吸引力。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4435297-alibaba-stock-bottoming-process-forming-buy-now\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09988":"阿里巴巴-W","BABA":"阿里巴巴"},"source_url":"https://seekingalpha.com/article/4435297-alibaba-stock-bottoming-process-forming-buy-now","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175693382","content_text":"Summary\n\nAlibaba is probably the most undervalued growth stock right now.\nThe company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.\nThe short term technical picture may be turning bullish with a potential double bottom price action signal.\nWe discuss the company’s multiple growth drivers and let investors judge for themselves.\n\nYongyuan Dai/iStock Unreleased via Getty Images\nThe Technical Thesis\nSource: TradingView\nAlibaba’s stock price has endured a terrible 8 months ever since its Ant Financial IPO was pulled in early Nov 20, with the stock languishing in the doldrums 34% off its high. When considering the health of its long term uptrend, it’s clear that BABA has a relatively strong uptrend bias and has generally been well supported along its key 50W MA. The only other time in the last 4 years that it lost its key 50W MA support level was during the 2018 bear market where BABA dropped about 40%, but was still well supported above the important 200W MA, which we usually consider as the “last line of defense”. Right now BABA is somewhat facing a similar situation again: down 34%, lost the 50W MA, but looks to be well supported above the 200W MA. In addition to that, one interesting observation in price action analysis may lead price action traders/investors to be especially bullish: a potential double bottom formation. BABA's price is seemingly going through a double bottom like it did during the 2018 bear market before it rallied strongly thereafter. As a result, BABA’s current level may offer a possible technical buy entry point now.\nBABA's Fundamental Thesis: Rapidly Expanding Growth Drivers\nAnnual GMV. Data source: Company filings\nAnnual e-commerce revenue. Data source: Company filings\nBABA’s GMV grew from 1.68T yuan to 7.49T yuan in just a matter of 7 years, which represented a CAGR of 23.8%, a truly amazing growth rate. We also saw its GMV growth being converted into revenue growth as its China commerce revenue grew from 7.67B yuan to 473.68B yuan, at a CAGR of 51% over the last 10 years. While its international footprint remains considerably smaller, it still grew at a CAGR of 30.42% over the last 10 years, which was by no means slow.\nEven though China’s e-commerce market is expected to grow considerably slower at a CAGR of 12.4% over the next three years, from 13.8T yuan, equivalent to $2.16T in 2021 to 19.6T yuan,equivalent to $3.06T by 2024, the massive size of the market still offers tremendous upside potential for BABA and its closest competitors to grow into.\nE-commerce revenue in the U.S. Data source: Statista\nWhen we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the U.S. e-commerce market is only expected to grow at a CAGR of 4.67% from 2021 to 2025, which is significantly slower than China’s 12.4%. In addition, the U.S. market is also expected to reach about $563B in total revenue, which is 18% of what the China market is expected to be worth by then.\nPeers EBIT Margin and Projected EBIT Margin. Data source: S&P Capital IQ\nEven though Alibaba has been facing increased competitive pressures from its fast growing key competitors: JD.com(NASDAQ:JD)and Pinduoduo(NASDAQ:PDD), BABA has already been operating a much more profitable business (both EBIT and FCF), and is expected to continue delivering strong profitability moving forward, which should give the company tremendous flexibility to compete head on with JD and PDD in its quest to extend its leadership. Investors may observe that BABA’s EBIT margin was affected by the one-off administrative penalty of $2,782M that was reflected in its SG&A, and therefore skewed its EBIT margin to the downside.\nOne important move was the company’s decision to further its investment in the Community Marketplace, which is PDD’s main e-commerce strategy that saw PDD gain a total of 823M AAC in its latest quarter as compared to BABA’s 891M AAC. PDD’s AAC growth is truly phenomenal considering it had only 100M AAC in Q2’C17 as compared to BABA’s 466M AAC in the same period.\nTherefore, the momentum of growth has surely swung over to the Community Marketplace segment and BABA would need to pull out its big guns (which it has) to compete for dominance with PDD and JD.\nMarket size of community group buying in China. Data source: iiMedia Research\nEven though the expected total market size of 102B yuan by 2022 represented only about 21.5% of BABA’s FY 21 China commerce revenue, the expected rapid CAGR of 44.22% over 3 years from 2019 to 2022 cannot be missed by BABA. Although the market is still relatively small, BABA cannot allow the current leader in this market: PDD to so easily dominate and gobble up the early high growth rates at the ignorance of everyone else. Certainly BABA must compete and fight for its place in this segment and strive for early leadership to prevent PDD from extending its lead.\nPDD profitability metrics & revenue growth forecast. Data source: S&P Capital IQ\nWe could observe from the above chart that PDD is expected to continue growing its revenue rapidly over the next few years, even though they are expected to normalize subsequently. More importantly, PDD is also expected to increasingly improve its EBIT and FCF profitability moving forward. This shows that the Community Marketplace segment is an highly important growth driver that BABA must use its strength to exploit in order to deny PDD’s claim to undisputed leadership so early on in the game.\nChina public cloud spending. Source:China Internet Watch; Canalys\nSize of China public cloud market. Data source: CAICT; Sina.com.cn\nBABA has a 40% share in China’s public cloud market, way ahead of its key competitors. However, it’s important to note that despite this leadership, BABA is still in heavy investment mode to continue growing its market share as China’s public cloud market is expected to grow from 26.48B yuan in 2017 to 230.74B yuan by 2023, which would represent a CAGR of 43.4%, an incredibly stellar growth rate. This is especially clear when we compare China’s growth rate to the worldwide growth rate (see below) as public cloud spending worldwide is expected to grow from $145B in 2017 to $397B by 2022, that would represent a CAGR of 22.3%.\nWorldwide public cloud spending. Data source: Gartner\nWorldwide public cloud market share. Source:CnTechPost; Gartner\nTherefore, I don’t find it surprising that Ali Cloud has continued to extend its lead over Alphabet’s(NASDAQ:GOOGL)(NASDAQ:GOOG)GCP with a market share of 9.5% in 2020. While AMZN remains the clear leader in the market, its market share has been coming down considerably as public cloud spending continues to expand, indicating that there is a huge potential for growth for multiple players to exist. With BABA’s leadership in the rapidly expanding Chinese market, I’m increasingly bullish on the future profit and FCF contribution from this segment to BABA’s performance over time. Although BABA’s cloud segment has not been EBIT profitable yet (FY 21 EBIT margin: -15%, FY 20 EBIT margin: -17.5%), it’s also useful to note that GCP has also not been profitable for Alphabet as well (FY 20 EBIT margin: -42.9%, FY 19 EBIT margin: -52%). Therefore, we need to give BABA some time to scale up its cloud services in APAC and in China where it is expected to have stronger leadership to allow it to grow faster and investors should expect this to be a highly profitable segment over time.\nBABA's Valuations Look Highly Compelling\nNTM TEV / EBIT 3Y range.\nEV / Fwd EBIT and EV / Fwd Rev trend. Data source: S&P Capital IQ\nWhen we consider BABA's TEV / EBIT historical range, where the 3Y mean read 33.54x, BABA’s EV / Fwd EBIT trend certainly imply a hugely undervalued stock as BABA is still expected to grow its revenue and operating profits rapidly. However, as we wanted to obtain greater clarity over how its counterparts are also valued, we thought it would be useful if we value BABA’s EBIT over a set of benchmark companies that is presented below.\nPeers EV / EBIT Valuations. Data source: S&P Capital IQ\nBy using a blend of historical and forward EBIT, we could see that BABA’s EV / EBIT really looks undervalued when compared to the median value of the set of observed values from the benchmark companies. We derived a fair value range for BABA of $294.98 at the midpoint of the range, that represented a potential upside of 40.5% based on the current stock price of $210.\nRisks to Assumptions\nNow, it’s obviously baffling to watch how Mr. Market has decided to discount BABA to such an extent as if the company has lost all its key sources of growth, when in fact there is still so much potential upside coming from its commerce segment, the new marketplace initiatives and its growing Ali Cloud segment, among others. The main realistic reason that we identified for the stock's underperformance would simply be regulatory risk. We think investors should acknowledge that this risk is very real and at times huge Chinese companies have found themselves to be subjected to extra scrutiny (which is nothing new in fact) by the Chinese government. What’s critical here is that the Chinese government seemingly has significant clout over the behavior and actions of their tech behemoths that at times may be largely unpredictable. The market certainly hates unpredictability and therefore they may have significantly discounted BABA as a result of that. If investors are not able to handle uncertainty with regard to potentially unpredictable regulatory actions and their aftermath, then BABA may not be appropriate for you. However, if you believe that this is just a blip in BABA’s long journey, then you would surely find BABA's valuations extremely attractive right now, coupled with a long term mindset.\nWrapping It All Up\nAlibaba has continued to deliver solid results that demonstrated the strong capability of the company to execute well. As the company continues to operate within a market with so many growth drivers that are expected to drive the company’s future growth, investors should find the current valuations highly attractive.","news_type":1,"symbols_score_info":{"BABA":0.9,"09988":0.9}},"isVote":1,"tweetType":1,"viewCount":1741,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169380584,"gmtCreate":1623817046248,"gmtModify":1631890496867,"author":{"id":"3579748173575180","authorId":"3579748173575180","name":"KiangW","avatar":"https://static.tigerbbs.com/befae1f011000c2d219d79b3f13294a9","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579748173575180","authorIdStr":"3579748173575180"},"themes":[],"title":"","htmlText":"Broke wedge. Up !","listText":"Broke wedge. Up !","text":"Broke wedge. Up !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169380584","repostId":"1137428482","repostType":4,"repost":{"id":"1137428482","kind":"news","pubTimestamp":1623815725,"share":"https://www.laohu8.com/m/news/1137428482?lang=zh_CN&edition=full","pubTime":"2021-06-16 11:55","market":"us","language":"en","title":"2 Reasons Netflix Will Win Its Merchandising Gambit<blockquote>Netflix赢得营销策略的2个原因</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1137428482","media":"Motley Fool","summary":"The leading premium streaming video service has an online store. It's bigger than you think.","content":"<p>It's easy to be skeptical about last week's launch of&nbsp;<b>Netflix</b>'s(NASDAQ:NFLX)&nbsp;online merch store. The new platform -- available via&nbsp;Netflix.shop-- is limited to selling T-shirts and hoodies themed to its<i>Yasuke</i>and<i>Eden</i>anime. It's just designer streetwear right now, and it's not cheap. T-shirts range in price from $30 to $45. Hypland's Yasuke hoodie is going to set you back a beefy $82, or nearly half a year of a Netflix subscription.</p><p><blockquote>人们很容易对上周推出的<b>Netflix</b>（纳斯达克：NFLX）在线merch商店。这个新平台可通过Netflix.shop购买，仅限于销售以其品牌为主题的T恤和帽衫<i>安介</i>和<i>伊甸园</i>动漫。现在只是设计师的街头服饰，而且不便宜。T恤衫的价格从30美元到45美元不等。Hypland的Yasuke连帽衫将花费你高达82美元，相当于网飞订阅近半年的费用。</blockquote></p><p> However, you may want to think twice before you dismiss the leading premium video service's chances here. There are some good reasons to bet on Netflix's latest move. Let's check them out.</p><p><blockquote>然而，在你放弃领先的优质视频服务的机会之前，你可能要三思。有一些充分的理由押注Netflix的最新举措。我们去看看。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/434a5606f0aa105dc2200617936db7bd\" tg-width=\"2000\" tg-height=\"1333\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>1. Netflix is just getting started</b></p><p><blockquote><b>1.Netflix才刚刚起步</b></blockquote></p><p> This is obviously just the opening act of Netflix.shop. You can get third-party -- admittedly unlicensed -- shirts for a lot less elsewhere. It will be harder to duplicate the<i>Yasuke</i>and<i>Eden</i>action figures that Netflix is promising will roll out later this month.</p><p><blockquote>这显然只是Netflix.shop的开场表演。你可以在其他地方以更低的价格买到第三方的——不可否认的——衬衫。将更难复制<i>安介</i>和<i>伊甸园</i>网飞承诺的活动人偶将于本月晚些时候推出。</blockquote></p><p> Limited-edition apparel and decor inspired by<i>Lupin</i>-- with the second season just dropping into your Netflix queue -- will hit the digital storefront this month. Last week's launch also teased upcoming exclusive<i>Stranger Things</i>and<i>The Witcher</i>product lines. Reports also have Netflix working on a<i>Bridgerton</i>clothing line alongside live events. And Fans of<i>La Casa de Papel</i>-- aka<i>Money Heist</i>-- should be on the lookout for proprietary merch.</p><p><blockquote>限量版服装和装饰灵感来自<i>鲁邦</i>——第二季刚刚进入Netflix队列——将于本月登陆数字店面。上周的发布还预告了即将推出的独家<i>奇怪的事情</i>和<i>巫师</i>产品线。有报道称Netflix正在开发一款<i>布里奇顿</i>现场活动旁边的服装系列。和粉丝<i>纸屋</i>——阿卡<i>金钱抢劫</i>--应该留意专有商品。</blockquote></p><p> Don't judge Netflix's new foray into the e-tail of physical merch based on what you see on today's landing page. The store will get bigger, and you'll get there once they roll around to paddling a new revenue stream based on one of your favorite shows.</p><p><blockquote>不要根据你在今天的登陆页面上看到的来判断网飞对实体商品电子零售的新尝试。商店会变得更大，一旦他们根据你最喜欢的节目之一获得新的收入来源，你就会到达那里。</blockquote></p><p> <b>2. Never underestimate the Netflix audience</b></p><p><blockquote><b>2.永远不要低估Netflix的观众</b></blockquote></p><p> It's not smart to bet against Netflix. It doesn't make a move unless it has thoroughly thought things through. How many times were we asking Netflix to rent video games by mail during its red envelope days? How many analysts have wondered about the money that Netflix could rake in it if sold ads on top of its streams in this era of rising connected-TV rates?</p><p><blockquote>做空Netflix是不明智的。除非它把事情想透了，否则它不会采取行动。在网飞红包的日子里，我们有多少次要求它通过邮件租用电子游戏？有多少分析师想知道，在这个联网电视费率不断上涨的时代，如果Netflix在其流媒体上销售广告，它能赚多少钱？</blockquote></p><p> Netflix is way smarter than me. It may also be smarter than you when it comes to how it runs its business. Bloomberg is reporting that Netflix is in the process of hiring heads of consumer products, podcasts, and video game businesses that don't currently exist. If they see the light of day -- as we're seeing with consumer product -- it's because the company knows what it's doing.</p><p><blockquote>网飞比我聪明多了。在如何经营业务方面，它也可能比你更聪明。彭博社报道称，Netflix正在招聘目前尚不存在的消费产品、播客和视频游戏业务的负责人。如果他们看到了曙光——就像我们在消费品上看到的那样——那是因为公司知道自己在做什么。</blockquote></p><p> Netflix had&nbsp;207.6 million subscribersat the end of March, and we're talking about entire families here. The reach and breadth is larger than the account base. It's a captive audience spending hours a day getting lost in Netflix's growing digital catalog of content.</p><p><blockquote>截至3月底，Netflix拥有2.076亿用户，我们在这里谈论的是整个家庭。触角和广度大于账户基数。这是一群被俘虏的观众，他们每天花几个小时迷失在网飞不断增长的数字内容目录中。</blockquote></p><p> Folks trust Netflix to get it right. They stick around, even if it means prices keep moving higher. Netflix has increased its monthly rates in the U.S.five times over the last seven years, and the sub count is always higher by the time the next hike rolls around.</p><p><blockquote>人们相信网飞会把事情做好。他们会留下来，即使这意味着价格继续走高。在过去的七年里，Netflix在美国提高了五次月费率，而在下一次加息到来时，子计数总是更高。</blockquote></p><p> Netflix is a&nbsp;media stock. It's not a surprise that traditional media behemoths are generating significant sums of incremental revenue through vibrant consumer product sales. Why wouldn't Netflix -- a company that's been collecting gobs of data on your viewing habits for years -- be as good at nailing what you'll want to buy next as it is at knowing what you want to view next? We may never see a theme park, though I would be the first in line through the turnstiles of Netflixlandia to ride the<i>Ozark</i>roller coaster or experience the<i>Stranger Things</i>dark ride. Selling unique merch to an engaged audience will be a lot easier, and unlike that<i>Ozark</i>coaster there are no height requirements or seat restraints to keep you from making the most of the consumer products ride.</p><p><blockquote>Netflix是一只媒体股票。传统媒体巨头通过充满活力的消费品销售创造了大量增量收入，这并不奇怪。为什么Netflix——一家多年来一直在收集大量关于你观看习惯的数据的公司——不能像知道你下一步想看什么一样擅长确定你下一步想买什么呢？我们可能永远不会看到主题公园，尽管我会是第一个通过Netflixlandia十字转门排队乘坐主题公园的人<i>欧扎克</i>过山车或体验<i>奇怪的事情</i>黑暗之旅。向积极参与的受众销售独特的商品会容易得多，与此不同<i>欧扎克</i>过山车没有高度要求或座位限制来阻止你充分利用消费品。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>2 Reasons Netflix Will Win Its Merchandising Gambit<blockquote>Netflix赢得营销策略的2个原因</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n2 Reasons Netflix Will Win Its Merchandising Gambit<blockquote>Netflix赢得营销策略的2个原因</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-06-16 11:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It's easy to be skeptical about last week's launch of&nbsp;<b>Netflix</b>'s(NASDAQ:NFLX)&nbsp;online merch store. The new platform -- available via&nbsp;Netflix.shop-- is limited to selling T-shirts and hoodies themed to its<i>Yasuke</i>and<i>Eden</i>anime. It's just designer streetwear right now, and it's not cheap. T-shirts range in price from $30 to $45. Hypland's Yasuke hoodie is going to set you back a beefy $82, or nearly half a year of a Netflix subscription.</p><p><blockquote>人们很容易对上周推出的<b>Netflix</b>（纳斯达克：NFLX）在线merch商店。这个新平台可通过Netflix.shop购买，仅限于销售以其品牌为主题的T恤和帽衫<i>安介</i>和<i>伊甸园</i>动漫。现在只是设计师的街头服饰，而且不便宜。T恤衫的价格从30美元到45美元不等。Hypland的Yasuke连帽衫将花费你高达82美元，相当于网飞订阅近半年的费用。</blockquote></p><p> However, you may want to think twice before you dismiss the leading premium video service's chances here. There are some good reasons to bet on Netflix's latest move. Let's check them out.</p><p><blockquote>然而，在你放弃领先的优质视频服务的机会之前，你可能要三思。有一些充分的理由押注Netflix的最新举措。我们去看看。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/434a5606f0aa105dc2200617936db7bd\" tg-width=\"2000\" tg-height=\"1333\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>1. Netflix is just getting started</b></p><p><blockquote><b>1.Netflix才刚刚起步</b></blockquote></p><p> This is obviously just the opening act of Netflix.shop. You can get third-party -- admittedly unlicensed -- shirts for a lot less elsewhere. It will be harder to duplicate the<i>Yasuke</i>and<i>Eden</i>action figures that Netflix is promising will roll out later this month.</p><p><blockquote>这显然只是Netflix.shop的开场表演。你可以在其他地方以更低的价格买到第三方的——不可否认的——衬衫。将更难复制<i>安介</i>和<i>伊甸园</i>网飞承诺的活动人偶将于本月晚些时候推出。</blockquote></p><p> Limited-edition apparel and decor inspired by<i>Lupin</i>-- with the second season just dropping into your Netflix queue -- will hit the digital storefront this month. Last week's launch also teased upcoming exclusive<i>Stranger Things</i>and<i>The Witcher</i>product lines. Reports also have Netflix working on a<i>Bridgerton</i>clothing line alongside live events. And Fans of<i>La Casa de Papel</i>-- aka<i>Money Heist</i>-- should be on the lookout for proprietary merch.</p><p><blockquote>限量版服装和装饰灵感来自<i>鲁邦</i>——第二季刚刚进入Netflix队列——将于本月登陆数字店面。上周的发布还预告了即将推出的独家<i>奇怪的事情</i>和<i>巫师</i>产品线。有报道称Netflix正在开发一款<i>布里奇顿</i>现场活动旁边的服装系列。和粉丝<i>纸屋</i>——阿卡<i>金钱抢劫</i>--应该留意专有商品。</blockquote></p><p> Don't judge Netflix's new foray into the e-tail of physical merch based on what you see on today's landing page. The store will get bigger, and you'll get there once they roll around to paddling a new revenue stream based on one of your favorite shows.</p><p><blockquote>不要根据你在今天的登陆页面上看到的来判断网飞对实体商品电子零售的新尝试。商店会变得更大，一旦他们根据你最喜欢的节目之一获得新的收入来源，你就会到达那里。</blockquote></p><p> <b>2. Never underestimate the Netflix audience</b></p><p><blockquote><b>2.永远不要低估Netflix的观众</b></blockquote></p><p> It's not smart to bet against Netflix. It doesn't make a move unless it has thoroughly thought things through. How many times were we asking Netflix to rent video games by mail during its red envelope days? How many analysts have wondered about the money that Netflix could rake in it if sold ads on top of its streams in this era of rising connected-TV rates?</p><p><blockquote>做空Netflix是不明智的。除非它把事情想透了，否则它不会采取行动。在网飞红包的日子里，我们有多少次要求它通过邮件租用电子游戏？有多少分析师想知道，在这个联网电视费率不断上涨的时代，如果Netflix在其流媒体上销售广告，它能赚多少钱？</blockquote></p><p> Netflix is way smarter than me. It may also be smarter than you when it comes to how it runs its business. Bloomberg is reporting that Netflix is in the process of hiring heads of consumer products, podcasts, and video game businesses that don't currently exist. If they see the light of day -- as we're seeing with consumer product -- it's because the company knows what it's doing.</p><p><blockquote>网飞比我聪明多了。在如何经营业务方面，它也可能比你更聪明。彭博社报道称，Netflix正在招聘目前尚不存在的消费产品、播客和视频游戏业务的负责人。如果他们看到了曙光——就像我们在消费品上看到的那样——那是因为公司知道自己在做什么。</blockquote></p><p> Netflix had&nbsp;207.6 million subscribersat the end of March, and we're talking about entire families here. The reach and breadth is larger than the account base. It's a captive audience spending hours a day getting lost in Netflix's growing digital catalog of content.</p><p><blockquote>截至3月底，Netflix拥有2.076亿用户，我们在这里谈论的是整个家庭。触角和广度大于账户基数。这是一群被俘虏的观众，他们每天花几个小时迷失在网飞不断增长的数字内容目录中。</blockquote></p><p> Folks trust Netflix to get it right. They stick around, even if it means prices keep moving higher. Netflix has increased its monthly rates in the U.S.five times over the last seven years, and the sub count is always higher by the time the next hike rolls around.</p><p><blockquote>人们相信网飞会把事情做好。他们会留下来，即使这意味着价格继续走高。在过去的七年里，Netflix在美国提高了五次月费率，而在下一次加息到来时，子计数总是更高。</blockquote></p><p> Netflix is a&nbsp;media stock. It's not a surprise that traditional media behemoths are generating significant sums of incremental revenue through vibrant consumer product sales. Why wouldn't Netflix -- a company that's been collecting gobs of data on your viewing habits for years -- be as good at nailing what you'll want to buy next as it is at knowing what you want to view next? We may never see a theme park, though I would be the first in line through the turnstiles of Netflixlandia to ride the<i>Ozark</i>roller coaster or experience the<i>Stranger Things</i>dark ride. Selling unique merch to an engaged audience will be a lot easier, and unlike that<i>Ozark</i>coaster there are no height requirements or seat restraints to keep you from making the most of the consumer products ride.</p><p><blockquote>Netflix是一只媒体股票。传统媒体巨头通过充满活力的消费品销售创造了大量增量收入，这并不奇怪。为什么Netflix——一家多年来一直在收集大量关于你观看习惯的数据的公司——不能像知道你下一步想看什么一样擅长确定你下一步想买什么呢？我们可能永远不会看到主题公园，尽管我会是第一个通过Netflixlandia十字转门排队乘坐主题公园的人<i>欧扎克</i>过山车或体验<i>奇怪的事情</i>黑暗之旅。向积极参与的受众销售独特的商品会容易得多，与此不同<i>欧扎克</i>过山车没有高度要求或座位限制来阻止你充分利用消费品。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/06/15/2-reasons-netflix-will-win-its-merchandising-gambi/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NFLX":"奈飞"},"source_url":"https://www.fool.com/investing/2021/06/15/2-reasons-netflix-will-win-its-merchandising-gambi/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137428482","content_text":"It's easy to be skeptical about last week's launch of Netflix's(NASDAQ:NFLX) online merch store. The new platform -- available via Netflix.shop-- is limited to selling T-shirts and hoodies themed to itsYasukeandEdenanime. It's just designer streetwear right now, and it's not cheap. T-shirts range in price from $30 to $45. Hypland's Yasuke hoodie is going to set you back a beefy $82, or nearly half a year of a Netflix subscription.\nHowever, you may want to think twice before you dismiss the leading premium video service's chances here. There are some good reasons to bet on Netflix's latest move. Let's check them out.\nIMAGE SOURCE: GETTY IMAGES.\n1. Netflix is just getting started\nThis is obviously just the opening act of Netflix.shop. You can get third-party -- admittedly unlicensed -- shirts for a lot less elsewhere. It will be harder to duplicate theYasukeandEdenaction figures that Netflix is promising will roll out later this month.\nLimited-edition apparel and decor inspired byLupin-- with the second season just dropping into your Netflix queue -- will hit the digital storefront this month. Last week's launch also teased upcoming exclusiveStranger ThingsandThe Witcherproduct lines. Reports also have Netflix working on aBridgertonclothing line alongside live events. And Fans ofLa Casa de Papel-- akaMoney Heist-- should be on the lookout for proprietary merch.\nDon't judge Netflix's new foray into the e-tail of physical merch based on what you see on today's landing page. The store will get bigger, and you'll get there once they roll around to paddling a new revenue stream based on one of your favorite shows.\n2. Never underestimate the Netflix audience\nIt's not smart to bet against Netflix. It doesn't make a move unless it has thoroughly thought things through. How many times were we asking Netflix to rent video games by mail during its red envelope days? How many analysts have wondered about the money that Netflix could rake in it if sold ads on top of its streams in this era of rising connected-TV rates?\nNetflix is way smarter than me. It may also be smarter than you when it comes to how it runs its business. Bloomberg is reporting that Netflix is in the process of hiring heads of consumer products, podcasts, and video game businesses that don't currently exist. If they see the light of day -- as we're seeing with consumer product -- it's because the company knows what it's doing.\nNetflix had 207.6 million subscribersat the end of March, and we're talking about entire families here. The reach and breadth is larger than the account base. It's a captive audience spending hours a day getting lost in Netflix's growing digital catalog of content.\nFolks trust Netflix to get it right. They stick around, even if it means prices keep moving higher. Netflix has increased its monthly rates in the U.S.five times over the last seven years, and the sub count is always higher by the time the next hike rolls around.\nNetflix is a media stock. It's not a surprise that traditional media behemoths are generating significant sums of incremental revenue through vibrant consumer product sales. Why wouldn't Netflix -- a company that's been collecting gobs of data on your viewing habits for years -- be as good at nailing what you'll want to buy next as it is at knowing what you want to view next? We may never see a theme park, though I would be the first in line through the turnstiles of Netflixlandia to ride theOzarkroller coaster or experience theStranger Thingsdark ride. Selling unique merch to an engaged audience will be a lot easier, and unlike thatOzarkcoaster there are no height requirements or seat restraints to keep you from making the most of the consumer products ride.","news_type":1,"symbols_score_info":{"NFLX":0.9}},"isVote":1,"tweetType":1,"viewCount":1828,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187030659,"gmtCreate":1623729185571,"gmtModify":1631890496867,"author":{"id":"3579748173575180","authorId":"3579748173575180","name":"KiangW","avatar":"https://static.tigerbbs.com/befae1f011000c2d219d79b3f13294a9","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579748173575180","authorIdStr":"3579748173575180"},"themes":[],"title":"","htmlText":"This is momentum play&nbsp;and not valuation","listText":"This is momentum play&nbsp;and not valuation","text":"This is momentum play and not valuation","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/187030659","repostId":"2143178756","repostType":4,"isVote":1,"tweetType":1,"viewCount":2061,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181175461,"gmtCreate":1623381662753,"gmtModify":1631890496868,"author":{"id":"3579748173575180","authorId":"3579748173575180","name":"KiangW","avatar":"https://static.tigerbbs.com/befae1f011000c2d219d79b3f13294a9","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579748173575180","authorIdStr":"3579748173575180"},"themes":[],"title":"","htmlText":"Inflation not in play yet","listText":"Inflation not in play yet","text":"Inflation not in play yet","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/181175461","repostId":"1184070773","repostType":4,"isVote":1,"tweetType":1,"viewCount":1904,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":183195664,"gmtCreate":1623313204358,"gmtModify":1631890496871,"author":{"id":"3579748173575180","authorId":"3579748173575180","name":"KiangW","avatar":"https://static.tigerbbs.com/befae1f011000c2d219d79b3f13294a9","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579748173575180","authorIdStr":"3579748173575180"},"themes":[],"title":"","htmlText":"Wsb has been compromised","listText":"Wsb has been compromised","text":"Wsb has been compromised","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/183195664","repostId":"1161159131","repostType":4,"repost":{"id":"1161159131","kind":"news","pubTimestamp":1623309628,"share":"https://www.laohu8.com/m/news/1161159131?lang=zh_CN&edition=full","pubTime":"2021-06-10 15:20","market":"us","language":"en","title":"Anatomy Of A Short Squeeze: This Is How Hedge Funds Pounce On Retail Meme Stocks<blockquote>空头挤压剖析：对冲基金就是这样扑向零售模因股票的</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1161159131","media":"zerohedge","summary":"In the'old normal'- when dinosaurs roamed the earth - history suggested thatwhen retail investors pi","content":"<p>In the<b>'old normal'</b>- when dinosaurs roamed the earth - history suggested that<b>when retail investors piled into stocks with both hands and feet, a major top in prices was usually not far behind.</b></p><p><blockquote>在<b>“老常态”</b>-当恐龙在地球上漫游时-历史表明<b>当散户投资者双手双脚涌入股票时，价格的主要顶部通常就在不远处。</b></blockquote></p><p> But, in the<b>'new normal'</b>of Reddit Rebels and Meme Stock Manias, it is the 'little guy' that is making the \"Smart\" money look \"Dumb\" as stock after stock is lifted out of obscurity - or from the brink of bankruptcy - by a wave of WSB-buyers, crushing the well-reasoned theses of asset-gatherers and commission-takers everywhere as 'worthless' stonks go to the moon.</p><p><blockquote>但是，在<b>“新常态”</b>在Reddit反叛者和Meme股票狂热者中，正是这个“小人物”让“聪明”的钱看起来“愚蠢”，因为一波又一波的股票被WSB买家从默默无闻或濒临破产，粉碎了各地资产收集者和佣金接受者的合理论点，因为“一文不值”的巨石登上了月球。</blockquote></p><p> Retail piling in...</p><p><blockquote>零售业涌入...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c5fefaf3bdbf1f8e7f94ea5f11803cc4\" tg-width=\"716\" tg-height=\"529\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> ...and hedgies hammered...</p><p><blockquote>...和hedgies锤....</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a00ae5ad66575fb8a77c1c4f48795398\" tg-width=\"766\" tg-height=\"673\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> In fact, what has been only anecdotally observed, is now confirmed by Goldman Sachs' latest research note that suggests<b>retail trading activity continues to be a leading indicator (rather than contrarian)</b>.</p><p><blockquote>事实上，高盛最新的研究报告证实了这一点，该报告表明<b>零售交易活动仍然是领先指标（而不是逆势）</b>.</blockquote></p><p> Specifically Goldman's Derivatives Research group believe<b>retail trading activity is an indication of a large number of traders “paying attention” to a stock.</b></p><p><blockquote>特别是高盛衍生品研究小组认为<b>散户交易活动表明大量交易者“关注”一只股票。</b></blockquote></p><p>   When a retail investor pays attention to a stock, they generally choose between “buying” or “not-buying” the stock (retail investors are generally not short sellers).   <b>This results in temporary net-buying flow from retail investors and pushes the stock up temporarily.</b>Volatile stocks then   <b>attract the attention of institutional investors as they see opportunities to use their understanding of option market positioning</b>, delta hedging requirements of market makers and fundamental valuation to position for outsized profits.At some point, retail traders become a smaller percentage of overall volume and the tailwind inherent in this “attention” signal fades.   <b>This is the point where institutional investors position for a (partial) mean reversion.</b>In fact, many of the high profile retail trading names show a significant drop in retail trading as a percentage of total volume in the days ahead of the ultimate peak and subsequent decline.  <u><b>Translation</b></u>:</p><p><blockquote>当散户关注一只股票时，他们一般会在“买入”或“不买入”这只股票之间做出选择（散户一般不是做空者）。<b>这导致散户投资者暂时的净买入流，并暂时推高该股。</b>那么波动的股票<b>吸引机构投资者的注意，因为他们看到了利用他们对期权市场定位的理解的机会</b>、做市商的delta对冲要求和基本面估值来定位超额利润。在某些时候，散户交易者在总交易量中所占的比例变小，这种“关注”信号固有的顺风会消退。<b>这是机构投资者定位（部分）均值回归的点。</b>事实上，许多备受瞩目的零售交易名称显示，在最终峰值和随后下降之前的几天里，零售交易占总交易量的百分比显着下降。<u><b>翻译</b></u>：</blockquote></p><p>   1)   <b>Retail</b>investors ignite the momentum,   <b>squeezing shorts</b>out;2) ...which grabs the attention of   <b>institutional/hedge funds</b>, who then deploy leverage to spark the   <b>gamma squeeze</b>meltup...3) ...which further squeezes the shorts out...4) ...   <b>enabling hedgies to implement shorts at much higher prices</b>, slamming the stock lower...5) ...setting the stage for the next retail-ignited squeeze.Rinse... Repeat.  The charts below show the outsized retail investor participation in the past month...</p><p><blockquote>1)<b>零售</b>投资者点燃势头，<b>挤压短裤</b>出去；2）...这引起了<b>机构/对冲基金</b>，然后他们部署杠杆来引发<b>伽马挤压</b>熔化...3）...这进一步挤压了短裤...4）...<b>使对冲者能够以更高的价格实施空头</b>，使股票暴跌...5）...为下一次零售点燃的挤压奠定基础。冲洗...重复。下图显示了过去一个月散户投资者的大量参与...</blockquote></p><p> Here is the retail stock investor fading as the stock explodes higher (and hedge funds take over)...</p><p><blockquote>这是随着股票爆炸式走高（对冲基金接管），散户投资者逐渐消失...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/01774fde06782ae44de978c7f9dec342\" tg-width=\"804\" tg-height=\"590\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> And here are retail option investors doing the same...</p><p><blockquote>散户期权投资者也在做同样的事情...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/01774fde06782ae44de978c7f9dec342\" tg-width=\"804\" tg-height=\"590\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> So, with all that said, the question is will it end badly...</p><p><blockquote>所以，说了这么多，问题是结局会很糟糕吗...</blockquote></p><p> ...again?</p><p><blockquote>又来了？</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAnatomy Of A Short Squeeze: This Is How Hedge Funds Pounce On Retail Meme Stocks<blockquote>空头挤压剖析：对冲基金就是这样扑向零售模因股票的</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-10 15:20</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In the<b>'old normal'</b>- when dinosaurs roamed the earth - history suggested that<b>when retail investors piled into stocks with both hands and feet, a major top in prices was usually not far behind.</b></p><p><blockquote>在<b>“老常态”</b>-当恐龙在地球上漫游时-历史表明<b>当散户投资者双手双脚涌入股票时，价格的主要顶部通常就在不远处。</b></blockquote></p><p> But, in the<b>'new normal'</b>of Reddit Rebels and Meme Stock Manias, it is the 'little guy' that is making the \"Smart\" money look \"Dumb\" as stock after stock is lifted out of obscurity - or from the brink of bankruptcy - by a wave of WSB-buyers, crushing the well-reasoned theses of asset-gatherers and commission-takers everywhere as 'worthless' stonks go to the moon.</p><p><blockquote>但是，在<b>“新常态”</b>在Reddit反叛者和Meme股票狂热者中，正是这个“小人物”让“聪明”的钱看起来“愚蠢”，因为一波又一波的股票被WSB买家从默默无闻或濒临破产，粉碎了各地资产收集者和佣金接受者的合理论点，因为“一文不值”的巨石登上了月球。</blockquote></p><p> Retail piling in...</p><p><blockquote>零售业涌入...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c5fefaf3bdbf1f8e7f94ea5f11803cc4\" tg-width=\"716\" tg-height=\"529\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> ...and hedgies hammered...</p><p><blockquote>...和hedgies锤....</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a00ae5ad66575fb8a77c1c4f48795398\" tg-width=\"766\" tg-height=\"673\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> In fact, what has been only anecdotally observed, is now confirmed by Goldman Sachs' latest research note that suggests<b>retail trading activity continues to be a leading indicator (rather than contrarian)</b>.</p><p><blockquote>事实上，高盛最新的研究报告证实了这一点，该报告表明<b>零售交易活动仍然是领先指标（而不是逆势）</b>.</blockquote></p><p> Specifically Goldman's Derivatives Research group believe<b>retail trading activity is an indication of a large number of traders “paying attention” to a stock.</b></p><p><blockquote>特别是高盛衍生品研究小组认为<b>散户交易活动表明大量交易者“关注”一只股票。</b></blockquote></p><p>   When a retail investor pays attention to a stock, they generally choose between “buying” or “not-buying” the stock (retail investors are generally not short sellers).   <b>This results in temporary net-buying flow from retail investors and pushes the stock up temporarily.</b>Volatile stocks then   <b>attract the attention of institutional investors as they see opportunities to use their understanding of option market positioning</b>, delta hedging requirements of market makers and fundamental valuation to position for outsized profits.At some point, retail traders become a smaller percentage of overall volume and the tailwind inherent in this “attention” signal fades.   <b>This is the point where institutional investors position for a (partial) mean reversion.</b>In fact, many of the high profile retail trading names show a significant drop in retail trading as a percentage of total volume in the days ahead of the ultimate peak and subsequent decline.  <u><b>Translation</b></u>:</p><p><blockquote>当散户关注一只股票时，他们一般会在“买入”或“不买入”这只股票之间做出选择（散户一般不是做空者）。<b>这导致散户投资者暂时的净买入流，并暂时推高该股。</b>那么波动的股票<b>吸引机构投资者的注意，因为他们看到了利用他们对期权市场定位的理解的机会</b>、做市商的delta对冲要求和基本面估值来定位超额利润。在某些时候，散户交易者在总交易量中所占的比例变小，这种“关注”信号固有的顺风会消退。<b>这是机构投资者定位（部分）均值回归的点。</b>事实上，许多备受瞩目的零售交易名称显示，在最终峰值和随后下降之前的几天里，零售交易占总交易量的百分比显着下降。<u><b>翻译</b></u>：</blockquote></p><p>   1)   <b>Retail</b>investors ignite the momentum,   <b>squeezing shorts</b>out;2) ...which grabs the attention of   <b>institutional/hedge funds</b>, who then deploy leverage to spark the   <b>gamma squeeze</b>meltup...3) ...which further squeezes the shorts out...4) ...   <b>enabling hedgies to implement shorts at much higher prices</b>, slamming the stock lower...5) ...setting the stage for the next retail-ignited squeeze.Rinse... Repeat.  The charts below show the outsized retail investor participation in the past month...</p><p><blockquote>1)<b>零售</b>投资者点燃势头，<b>挤压短裤</b>出去；2）...这引起了<b>机构/对冲基金</b>，然后他们部署杠杆来引发<b>伽马挤压</b>熔化...3）...这进一步挤压了短裤...4）...<b>使对冲者能够以更高的价格实施空头</b>，使股票暴跌...5）...为下一次零售点燃的挤压奠定基础。冲洗...重复。下图显示了过去一个月散户投资者的大量参与...</blockquote></p><p> Here is the retail stock investor fading as the stock explodes higher (and hedge funds take over)...</p><p><blockquote>这是随着股票爆炸式走高（对冲基金接管），散户投资者逐渐消失...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/01774fde06782ae44de978c7f9dec342\" tg-width=\"804\" tg-height=\"590\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> And here are retail option investors doing the same...</p><p><blockquote>散户期权投资者也在做同样的事情...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/01774fde06782ae44de978c7f9dec342\" tg-width=\"804\" tg-height=\"590\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> So, with all that said, the question is will it end badly...</p><p><blockquote>所以，说了这么多，问题是结局会很糟糕吗...</blockquote></p><p> ...again?</p><p><blockquote>又来了？</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/anatomy-short-squeeze-how-hedge-funds-pounce-retail-meme-stonks\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index","SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.zerohedge.com/markets/anatomy-short-squeeze-how-hedge-funds-pounce-retail-meme-stonks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161159131","content_text":"In the'old normal'- when dinosaurs roamed the earth - history suggested thatwhen retail investors piled into stocks with both hands and feet, a major top in prices was usually not far behind.\nBut, in the'new normal'of Reddit Rebels and Meme Stock Manias, it is the 'little guy' that is making the \"Smart\" money look \"Dumb\" as stock after stock is lifted out of obscurity - or from the brink of bankruptcy - by a wave of WSB-buyers, crushing the well-reasoned theses of asset-gatherers and commission-takers everywhere as 'worthless' stonks go to the moon.\nRetail piling in...\n\n...and hedgies hammered...\n\nIn fact, what has been only anecdotally observed, is now confirmed by Goldman Sachs' latest research note that suggestsretail trading activity continues to be a leading indicator (rather than contrarian).\nSpecifically Goldman's Derivatives Research group believeretail trading activity is an indication of a large number of traders “paying attention” to a stock.\n\n When a retail investor pays attention to a stock, they generally choose between “buying” or “not-buying” the stock (retail investors are generally not short sellers). \n This results in temporary net-buying flow from retail investors and pushes the stock up temporarily.Volatile stocks then \n attract the attention of institutional investors as they see opportunities to use their understanding of option market positioning, delta hedging requirements of market makers and fundamental valuation to position for outsized profits.At some point, retail traders become a smaller percentage of overall volume and the tailwind inherent in this “attention” signal fades. \n This is the point where institutional investors position for a (partial) mean reversion.In fact, many of the high profile retail trading names show a significant drop in retail trading as a percentage of total volume in the days ahead of the ultimate peak and subsequent decline.\n\nTranslation:\n\n 1) \n Retailinvestors ignite the momentum, \n squeezing shortsout;2) ...which grabs the attention of \n institutional/hedge funds, who then deploy leverage to spark the \n gamma squeezemeltup...3) ...which further squeezes the shorts out...4) ... \n enabling hedgies to implement shorts at much higher prices, slamming the stock lower...5) ...setting the stage for the next retail-ignited squeeze.Rinse... Repeat.\n\nThe charts below show the outsized retail investor participation in the past month...\nHere is the retail stock investor fading as the stock explodes higher (and hedge funds take over)...\n\nAnd here are retail option investors doing the same...\n\nSo, with all that said, the question is will it end badly...\n...again?","news_type":1,"symbols_score_info":{".IXIC":0.9,"SPY":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2339,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":183196887,"gmtCreate":1623313115249,"gmtModify":1631890496875,"author":{"id":"3579748173575180","authorId":"3579748173575180","name":"KiangW","avatar":"https://static.tigerbbs.com/befae1f011000c2d219d79b3f13294a9","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579748173575180","authorIdStr":"3579748173575180"},"themes":[],"title":"","htmlText":"Good for xop?","listText":"Good for xop?","text":"Good for xop?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/183196887","repostId":"1145405384","repostType":4,"repost":{"id":"1145405384","kind":"news","pubTimestamp":1623311195,"share":"https://www.laohu8.com/m/news/1145405384?lang=zh_CN&edition=full","pubTime":"2021-06-10 15:46","market":"us","language":"en","title":"Why One Bank Thinks ESG Could Trigger Hyperinflation<blockquote>为什么一家银行认为ESG可能引发恶性通货膨胀</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1145405384","media":"zerohedge","summary":"In a recent blog post from DB's Francis Yared, the credit strategist looks at one of the lesser disc","content":"<p>In a recent blog post from DB's Francis Yared, the credit strategist looks at one of the lesser discussed drivers of inflation and points out that supply shocks to oil prices have historically been relevant for inflation expectations.</p><p><blockquote>在DB的Francis Yared最近的一篇博客文章中，这位信贷策略师着眼于讨论较少的通胀驱动因素之一，并指出油价的供应冲击历来与通胀预期相关。</blockquote></p><p> As Yared writes, \"supply shock to oil prices have had a significant impact on inflation expectations on three occasions over the past half century: in the mid 70s, the mid 80s and the mid 10s.\" However, unlike the infamous price explosions of the 70s and 80s, in the latest episode the \"shale oil revolution\" resulted in a significant<i>positive</i>supply shock to oil markets which led OPEC in 2014 to defend its market share rather than oil prices. The downward pressure on oil prices, Yared writes,<b>resulted in a shift to a lower inflation regime, which was reflected in both consumer and market inflation expectations (University of Michigan 5-10y and 5y5y breakevens) as well as monetary policy expectations and the term premium.</b></p><p><blockquote>正如亚雷德所写，“过去半个世纪，油价供应冲击曾三次对通胀预期产生重大影响：70年代中期、80年代中期和10年代中期。”然而，与70年代和80年代臭名昭著的价格爆炸不同，在最新的一集里，“页岩油革命”导致了一场重大的<i>积极的</i>石油市场的供应冲击导致石油输出国组织在2014年捍卫其市场份额而不是油价。亚里德写道，油价面临下行压力，<b>导致向较低通胀制度的转变，这反映在消费者和市场通胀预期（密歇根大学5-10年和5年5年盈亏平衡）以及货币政策预期和期限溢价上。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/a506eed4b33e73391548c06fb0c26164\" tg-width=\"500\" tg-height=\"195\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Well not anymore,<b>because ESG is unwinding the shale oil revolution.</b>As recent events at Exxon and Shell have shown, the pressure on oil companies to reduce oil and gas exploration and adapt their business models has increased significantly over the past few months. This is reflected in crude rig counts that have lagged the recovery in oil prices and stand at 1/3rd of the 2014 peak.</p><p><blockquote>现在不是了，<b>因为ESG正在解开页岩油革命。</b>正如埃克森和壳牌最近发生的事件所表明的那样，过去几个月，石油公司减少油气勘探并调整商业模式的压力显著增加。这反映在原油钻机数量落后于油价回升，仅为2014年峰值的1/3。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e9ca397d4dc8887948badc33be1b0354\" tg-width=\"500\" tg-height=\"195\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Similarly, carbon emission future prices in Europe have risen considerably: as theWSJ reported recently, the price of carbon credits traded in Europe has jumped 135% over the past 12 months and recently hit a series of records as economic activity rebounded from pandemic lockdowns. Only lumber, driven higher by the housing boom, has proved a better commodities investment.</p><p><blockquote>同样，欧洲的碳排放期货价格也大幅上涨：正如《华尔街日报》最近报道的那样，随着经济活动从大流行封锁中反弹，欧洲交易的碳信用额价格在过去12个月内上涨了135%，最近创下了一系列纪录。事实证明，只有受房地产繁荣推动走高的木材是更好的大宗商品投资。</blockquote></p><p> As Yared summarizes, \"<b>ESG is a negative supply shock that internalizes the climate cost of the production of goods and services.\"</b>This negative supply shock will be inflationary until technological progress absorbs these costs. That could take years.&nbsp; Moreover in Europe, it could garner enough of political support to justify a more aggressive fiscal policy despite the constraints at the German or EU levels.</p><p><blockquote>正如亚雷德总结的那样，“<b>ESG是一种负面的供应冲击，它将商品和服务生产的气候成本内部化。”</b>在技术进步吸收这些成本之前，这种负面的供应冲击将会导致通货膨胀。这可能需要数年时间。此外，在欧洲，尽管受到德国或欧盟层面的限制，但它可以获得足够的政治支持，证明采取更激进的财政政策是合理的。</blockquote></p><p> To be sure, the global economy has still to contend with the disinflationary impact of ecommerce. However, as DB concludes, \"<i><b>ESG, the Fed's Average Inflation Targeting regime and a significantly more pro-active fiscal policy (at least until the US mid-term elections) constitute a new powerful combination that should be supportive of a higher inflation environment than experienced over the last 10 years</b></i><i>.</i>\"</p><p><blockquote>诚然，全球经济仍需应对电子商务的通货紧缩影响。然而，正如DB总结的那样，“<i><b>ESG、美联储的平均通胀目标制和明显更加积极的财政政策（至少在美国中期选举之前）构成了一个新的强大组合，应该会支持比过去10年更高的通胀环境</b></i><i>.</i>\"</blockquote></p><p> Commenting on his colleague's observations, DB credit strategist Jim Reid agrees, and writes that \"maybe in the fullness of time this surge in mining between 2010-2015 will be the exception rather than the norm and that, in a rapidly changing and ever more ESG sensitive world, it will be&nbsp; harder to get oil out of the ground.<b>Pricing climate-change externalities more generally could make things more expensive over time. Are we on the verge of another change in inflation expectations due to oil and energy, one that is in large part due to ESG</b>.\"</p><p><blockquote>DB信贷策略师吉姆·里德(Jim Reid)在评论同事的观察时表示同意，并写道：“也许在适当的时候，2010年至2015年间采矿业的激增将是例外，而不是常态，而且在一个快速变化且日益增长的环境中。ESG敏感的世界，从地下开采石油将更加困难。<b>随着时间的推移，更普遍地为气候变化外部性定价可能会使事情变得更加昂贵。我们是否正处于石油和能源导致通胀预期再次发生变化的边缘，而这种变化很大程度上是由于ESG造成的</b>.\"</blockquote></p><p> So in case there was still any confusion why the establishment has adopted ESG as gospel - and as a reminder, ESG is nothing new, and many years ago used to be called Corporate Social Responsibility, or CSR and even Nobel economist Milton Friedman warned against its subversive nature 50 years ago when he said that taking on externally dictated “social responsibilities” beyond those directly related to a company’s business opened the floodgates to endless pressure and interferenc - at a time when the same establishment is also desperate to inflate away thenearly $300 trillion in global debt, now you know: ESG looks like the catalyst that will unleash runaway inflation. And if central banks fail to contain it in time, the entire developed world may soon descend into hyperinflation.</p><p><blockquote>因此，如果人们仍然对为什么当权派将ESG作为福音感到困惑——提醒一下，ESG并不是什么新鲜事，许多年前它曾被称为企业社会责任，或CSR，甚至诺贝尔经济学家米尔顿·弗里德曼（Milton Friedman）也警告不要这样做。50年前，他表示，承担与公司业务直接相关的外部规定的“社会责任”打开了无尽压力和干预的闸门——而此时，同一当权派也不顾一切地消除最初300万亿美元的全球债务，现在你知道了：ESG看起来像是释放失控通货膨胀的催化剂。而如果各国央行未能及时遏制，整个发达国家可能很快就会陷入恶性通货膨胀。</blockquote></p><p> Which in turn should also answer the other pressing question: why are central banks so desperate to issue their own digital, programmable currencies? Well, the ability to turn money on and off with the literal flip of a switch will come in extremely useful in a world where authorities have lost control over all other monetary pathways...</p><p><blockquote>这反过来也应该回答另一个紧迫的问题：为什么央行如此不顾一切地发行自己的数字、可编程货币？嗯，在一个当局已经失去了对所有其他货币渠道的控制的世界里，只需按一下开关就能打开和关闭货币的能力将会非常有用...</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why One Bank Thinks ESG Could Trigger Hyperinflation<blockquote>为什么一家银行认为ESG可能引发恶性通货膨胀</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy One Bank Thinks ESG Could Trigger Hyperinflation<blockquote>为什么一家银行认为ESG可能引发恶性通货膨胀</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-10 15:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In a recent blog post from DB's Francis Yared, the credit strategist looks at one of the lesser discussed drivers of inflation and points out that supply shocks to oil prices have historically been relevant for inflation expectations.</p><p><blockquote>在DB的Francis Yared最近的一篇博客文章中，这位信贷策略师着眼于讨论较少的通胀驱动因素之一，并指出油价的供应冲击历来与通胀预期相关。</blockquote></p><p> As Yared writes, \"supply shock to oil prices have had a significant impact on inflation expectations on three occasions over the past half century: in the mid 70s, the mid 80s and the mid 10s.\" However, unlike the infamous price explosions of the 70s and 80s, in the latest episode the \"shale oil revolution\" resulted in a significant<i>positive</i>supply shock to oil markets which led OPEC in 2014 to defend its market share rather than oil prices. The downward pressure on oil prices, Yared writes,<b>resulted in a shift to a lower inflation regime, which was reflected in both consumer and market inflation expectations (University of Michigan 5-10y and 5y5y breakevens) as well as monetary policy expectations and the term premium.</b></p><p><blockquote>正如亚雷德所写，“过去半个世纪，油价供应冲击曾三次对通胀预期产生重大影响：70年代中期、80年代中期和10年代中期。”然而，与70年代和80年代臭名昭著的价格爆炸不同，在最新的一集里，“页岩油革命”导致了一场重大的<i>积极的</i>石油市场的供应冲击导致石油输出国组织在2014年捍卫其市场份额而不是油价。亚里德写道，油价面临下行压力，<b>导致向较低通胀制度的转变，这反映在消费者和市场通胀预期（密歇根大学5-10年和5年5年盈亏平衡）以及货币政策预期和期限溢价上。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/a506eed4b33e73391548c06fb0c26164\" tg-width=\"500\" tg-height=\"195\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Well not anymore,<b>because ESG is unwinding the shale oil revolution.</b>As recent events at Exxon and Shell have shown, the pressure on oil companies to reduce oil and gas exploration and adapt their business models has increased significantly over the past few months. This is reflected in crude rig counts that have lagged the recovery in oil prices and stand at 1/3rd of the 2014 peak.</p><p><blockquote>现在不是了，<b>因为ESG正在解开页岩油革命。</b>正如埃克森和壳牌最近发生的事件所表明的那样，过去几个月，石油公司减少油气勘探并调整商业模式的压力显著增加。这反映在原油钻机数量落后于油价回升，仅为2014年峰值的1/3。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e9ca397d4dc8887948badc33be1b0354\" tg-width=\"500\" tg-height=\"195\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Similarly, carbon emission future prices in Europe have risen considerably: as theWSJ reported recently, the price of carbon credits traded in Europe has jumped 135% over the past 12 months and recently hit a series of records as economic activity rebounded from pandemic lockdowns. Only lumber, driven higher by the housing boom, has proved a better commodities investment.</p><p><blockquote>同样，欧洲的碳排放期货价格也大幅上涨：正如《华尔街日报》最近报道的那样，随着经济活动从大流行封锁中反弹，欧洲交易的碳信用额价格在过去12个月内上涨了135%，最近创下了一系列纪录。事实证明，只有受房地产繁荣推动走高的木材是更好的大宗商品投资。</blockquote></p><p> As Yared summarizes, \"<b>ESG is a negative supply shock that internalizes the climate cost of the production of goods and services.\"</b>This negative supply shock will be inflationary until technological progress absorbs these costs. That could take years.&nbsp; Moreover in Europe, it could garner enough of political support to justify a more aggressive fiscal policy despite the constraints at the German or EU levels.</p><p><blockquote>正如亚雷德总结的那样，“<b>ESG是一种负面的供应冲击，它将商品和服务生产的气候成本内部化。”</b>在技术进步吸收这些成本之前，这种负面的供应冲击将会导致通货膨胀。这可能需要数年时间。此外，在欧洲，尽管受到德国或欧盟层面的限制，但它可以获得足够的政治支持，证明采取更激进的财政政策是合理的。</blockquote></p><p> To be sure, the global economy has still to contend with the disinflationary impact of ecommerce. However, as DB concludes, \"<i><b>ESG, the Fed's Average Inflation Targeting regime and a significantly more pro-active fiscal policy (at least until the US mid-term elections) constitute a new powerful combination that should be supportive of a higher inflation environment than experienced over the last 10 years</b></i><i>.</i>\"</p><p><blockquote>诚然，全球经济仍需应对电子商务的通货紧缩影响。然而，正如DB总结的那样，“<i><b>ESG、美联储的平均通胀目标制和明显更加积极的财政政策（至少在美国中期选举之前）构成了一个新的强大组合，应该会支持比过去10年更高的通胀环境</b></i><i>.</i>\"</blockquote></p><p> Commenting on his colleague's observations, DB credit strategist Jim Reid agrees, and writes that \"maybe in the fullness of time this surge in mining between 2010-2015 will be the exception rather than the norm and that, in a rapidly changing and ever more ESG sensitive world, it will be&nbsp; harder to get oil out of the ground.<b>Pricing climate-change externalities more generally could make things more expensive over time. Are we on the verge of another change in inflation expectations due to oil and energy, one that is in large part due to ESG</b>.\"</p><p><blockquote>DB信贷策略师吉姆·里德(Jim Reid)在评论同事的观察时表示同意，并写道：“也许在适当的时候，2010年至2015年间采矿业的激增将是例外，而不是常态，而且在一个快速变化且日益增长的环境中。ESG敏感的世界，从地下开采石油将更加困难。<b>随着时间的推移，更普遍地为气候变化外部性定价可能会使事情变得更加昂贵。我们是否正处于石油和能源导致通胀预期再次发生变化的边缘，而这种变化很大程度上是由于ESG造成的</b>.\"</blockquote></p><p> So in case there was still any confusion why the establishment has adopted ESG as gospel - and as a reminder, ESG is nothing new, and many years ago used to be called Corporate Social Responsibility, or CSR and even Nobel economist Milton Friedman warned against its subversive nature 50 years ago when he said that taking on externally dictated “social responsibilities” beyond those directly related to a company’s business opened the floodgates to endless pressure and interferenc - at a time when the same establishment is also desperate to inflate away thenearly $300 trillion in global debt, now you know: ESG looks like the catalyst that will unleash runaway inflation. And if central banks fail to contain it in time, the entire developed world may soon descend into hyperinflation.</p><p><blockquote>因此，如果人们仍然对为什么当权派将ESG作为福音感到困惑——提醒一下，ESG并不是什么新鲜事，许多年前它曾被称为企业社会责任，或CSR，甚至诺贝尔经济学家米尔顿·弗里德曼（Milton Friedman）也警告不要这样做。50年前，他表示，承担与公司业务直接相关的外部规定的“社会责任”打开了无尽压力和干预的闸门——而此时，同一当权派也不顾一切地消除最初300万亿美元的全球债务，现在你知道了：ESG看起来像是释放失控通货膨胀的催化剂。而如果各国央行未能及时遏制，整个发达国家可能很快就会陷入恶性通货膨胀。</blockquote></p><p> Which in turn should also answer the other pressing question: why are central banks so desperate to issue their own digital, programmable currencies? Well, the ability to turn money on and off with the literal flip of a switch will come in extremely useful in a world where authorities have lost control over all other monetary pathways...</p><p><blockquote>这反过来也应该回答另一个紧迫的问题：为什么央行如此不顾一切地发行自己的数字、可编程货币？嗯，在一个当局已经失去了对所有其他货币渠道的控制的世界里，只需按一下开关就能打开和关闭货币的能力将会非常有用...</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/why-one-bank-thinks-esg-could-trigger-hyperinflation\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/markets/why-one-bank-thinks-esg-could-trigger-hyperinflation","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145405384","content_text":"In a recent blog post from DB's Francis Yared, the credit strategist looks at one of the lesser discussed drivers of inflation and points out that supply shocks to oil prices have historically been relevant for inflation expectations.\nAs Yared writes, \"supply shock to oil prices have had a significant impact on inflation expectations on three occasions over the past half century: in the mid 70s, the mid 80s and the mid 10s.\" However, unlike the infamous price explosions of the 70s and 80s, in the latest episode the \"shale oil revolution\" resulted in a significantpositivesupply shock to oil markets which led OPEC in 2014 to defend its market share rather than oil prices. The downward pressure on oil prices, Yared writes,resulted in a shift to a lower inflation regime, which was reflected in both consumer and market inflation expectations (University of Michigan 5-10y and 5y5y breakevens) as well as monetary policy expectations and the term premium.\n\nWell not anymore,because ESG is unwinding the shale oil revolution.As recent events at Exxon and Shell have shown, the pressure on oil companies to reduce oil and gas exploration and adapt their business models has increased significantly over the past few months. This is reflected in crude rig counts that have lagged the recovery in oil prices and stand at 1/3rd of the 2014 peak.\n\nSimilarly, carbon emission future prices in Europe have risen considerably: as theWSJ reported recently, the price of carbon credits traded in Europe has jumped 135% over the past 12 months and recently hit a series of records as economic activity rebounded from pandemic lockdowns. Only lumber, driven higher by the housing boom, has proved a better commodities investment.\nAs Yared summarizes, \"ESG is a negative supply shock that internalizes the climate cost of the production of goods and services.\"This negative supply shock will be inflationary until technological progress absorbs these costs. That could take years.  Moreover in Europe, it could garner enough of political support to justify a more aggressive fiscal policy despite the constraints at the German or EU levels.\nTo be sure, the global economy has still to contend with the disinflationary impact of ecommerce. However, as DB concludes, \"ESG, the Fed's Average Inflation Targeting regime and a significantly more pro-active fiscal policy (at least until the US mid-term elections) constitute a new powerful combination that should be supportive of a higher inflation environment than experienced over the last 10 years.\"\nCommenting on his colleague's observations, DB credit strategist Jim Reid agrees, and writes that \"maybe in the fullness of time this surge in mining between 2010-2015 will be the exception rather than the norm and that, in a rapidly changing and ever more ESG sensitive world, it will be  harder to get oil out of the ground.Pricing climate-change externalities more generally could make things more expensive over time. Are we on the verge of another change in inflation expectations due to oil and energy, one that is in large part due to ESG.\"\nSo in case there was still any confusion why the establishment has adopted ESG as gospel - and as a reminder, ESG is nothing new, and many years ago used to be called Corporate Social Responsibility, or CSR and even Nobel economist Milton Friedman warned against its subversive nature 50 years ago when he said that taking on externally dictated “social responsibilities” beyond those directly related to a company’s business opened the floodgates to endless pressure and interferenc - at a time when the same establishment is also desperate to inflate away thenearly $300 trillion in global debt, now you know: ESG looks like the catalyst that will unleash runaway inflation. And if central banks fail to contain it in time, the entire developed world may soon descend into hyperinflation.\nWhich in turn should also answer the other pressing question: why are central banks so desperate to issue their own digital, programmable currencies? Well, the ability to turn money on and off with the literal flip of a switch will come in extremely useful in a world where authorities have lost control over all other monetary pathways...","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1428,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":189912788,"gmtCreate":1623239369444,"gmtModify":1631890496877,"author":{"id":"3579748173575180","authorId":"3579748173575180","name":"KiangW","avatar":"https://static.tigerbbs.com/befae1f011000c2d219d79b3f13294a9","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579748173575180","authorIdStr":"3579748173575180"},"themes":[],"title":"","htmlText":"Meme is over. Too many stocks on wsb","listText":"Meme is over. Too many stocks on wsb","text":"Meme is over. Too many stocks on wsb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/189912788","repostId":"2142600282","repostType":4,"isVote":1,"tweetType":1,"viewCount":2870,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":117710249,"gmtCreate":1623160405881,"gmtModify":1631890496883,"author":{"id":"3579748173575180","authorId":"3579748173575180","name":"KiangW","avatar":"https://static.tigerbbs.com/befae1f011000c2d219d79b3f13294a9","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579748173575180","authorIdStr":"3579748173575180"},"themes":[],"title":"","htmlText":"Need to read Reddit everyday now","listText":"Need to read Reddit everyday now","text":"Need to read Reddit everyday now","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/117710249","repostId":"1117090296","repostType":4,"isVote":1,"tweetType":1,"viewCount":809,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115197398,"gmtCreate":1622956708014,"gmtModify":1631891886811,"author":{"id":"3579748173575180","authorId":"3579748173575180","name":"KiangW","avatar":"https://static.tigerbbs.com/befae1f011000c2d219d79b3f13294a9","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579748173575180","authorIdStr":"3579748173575180"},"themes":[],"title":"","htmlText":"Bad timing","listText":"Bad timing","text":"Bad timing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/115197398","repostId":"1106312903","repostType":4,"repost":{"id":"1106312903","kind":"news","pubTimestamp":1622855773,"share":"https://www.laohu8.com/m/news/1106312903?lang=zh_CN&edition=full","pubTime":"2021-06-05 09:16","market":"us","language":"en","title":"U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106312903","media":"Renaissance Capital","summary":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental h","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>  <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>  <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li> </ul> Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p><p><blockquote><ul><li>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</li><li>支付平台Marqeta计划以124亿美元的市值筹集10亿美元。</li><li>中国在线招聘平台看准计划以82亿美元的市值筹集8.64亿美元。</li></ul>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</blockquote></p><p> Payments platform&nbsp;<b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p><p><blockquote>支付平台<b>马尔凯塔</b>(MQ)计划以124亿美元的市值筹集10亿美元。该公司的平台允许企业启动和管理自己的卡计划，向客户或最终用户发行卡，以及授权和结算交易。Marqeta发展迅速，其客户包括Affirm(AFRM)和DoorDash(DASH)等品牌。</blockquote></p><p> Chinese online recruitment platform&nbsp;<b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p><p><blockquote>中文在线招聘平台<b>看准</b>(BZ)计划以82亿美元的市值筹集8.64亿美元。看准的核心产品BOSS直聘是一个移动原生平台，促进求职者和企业客户之间的直接聊天。该公司声称，按月活跃用户数计算，它是2020年中国最大的在线招聘平台。</blockquote></p><p> Mental health services provider&nbsp;<b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p><p><blockquote>心理健康服务提供者<b>生命健康</b>(LFST)计划以61亿美元的市值筹集6.4亿美元。LifeStance表示，截至2021年3月31日，它已经建立了美国最大的门诊心理健康平台之一，在27个州的73个MSA中雇用了3,300多名持牌心理健康临床医生。尽管2021年第一季度的息税前利润转为负值，但该公司仍实现了增长。</blockquote></p><p> Israel’s&nbsp;<b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p><p><blockquote>以色列的<b>周一网</b>(MNDY)计划以68亿美元的市值筹集4.9亿美元。monday.com允许组织轻松构建满足其需求的软件应用程序和工作管理工具。截至2021年3月31日，它为190多个国家200多个行业的近128,000名客户提供服务。Salesforce和Zoom计划同时进行私募，总共投资1.5亿美元。</blockquote></p><p> BPO vendor&nbsp;<b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p><p><blockquote>BPO供应商<b>塔斯库斯</b>(TASK)计划以25亿美元的市值筹集3.04亿美元。TaskUs是一家数字商业服务外包商，提供数字客户体验服务、内容安全服务和人工智能运营。截至2020年12月31日，该公司盈利强劲，增长强劲，拥有100多家客户。</blockquote></p><p> Data-driven marketing platform&nbsp;<b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p><p><blockquote>数据驱动营销平台<b>泽塔全球</b>(ZETA)计划以21亿美元的市值筹集2.5亿美元。该公司的Zeta营销平台使用身份数据通过电子邮件、社交媒体、网络、聊天、联网电视、视频和其他渠道锁定、联系和吸引消费者。Zeta已实现盈利，为1,000多家客户提供服务，2020年提供约5亿次广告展示。</blockquote></p><p> Online luxury goods marketplace&nbsp;<b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p><p><blockquote>网上奢侈品市场<b>第一个</b>(DIBS)计划以7.73亿美元的市值筹集1.12亿美元。1stDibs连接复古、古董和当代家具、家居装饰、珠宝、手表、艺术和时尚的买家和卖家。2020年，该市场有超过58,000名买家在过去一年中进行了购买，平均每年的总购买额超过5,500美元。</blockquote></p><p> Chinese online tutoring platform&nbsp;<b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p><p><blockquote>中文在线辅导平台<b>掌门教育</b>(ZME)计划以19亿美元的市值筹集4300万美元。掌门教育表示，自2017年以来，按收入计算，它一直是中国最大的在线K-12辅导服务提供商，2020年市场份额为32%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p><p><blockquote>预计将有6家公司接受街头调查，多达11家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&amp;P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2011年6月3日，文艺复兴IPO指数今年迄今下跌6.0%，而标普500上涨11.6%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有最多的ETF包括Zoom Video（ZM）和优步（UBER）。Renaissance International IPO指数今年迄今下跌1.1%，而ACWX指数上涨10.5%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有最多的ETF包括Nexi和EQT Partners。</blockquote></p><p></p>","source":"lsy1603787993745","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Renaissance Capital</strong><span class=\"h-time small\">2021-06-05 09:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>  <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>  <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li> </ul> Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p><p><blockquote><ul><li>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</li><li>支付平台Marqeta计划以124亿美元的市值筹集10亿美元。</li><li>中国在线招聘平台看准计划以82亿美元的市值筹集8.64亿美元。</li></ul>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</blockquote></p><p> Payments platform&nbsp;<b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p><p><blockquote>支付平台<b>马尔凯塔</b>(MQ)计划以124亿美元的市值筹集10亿美元。该公司的平台允许企业启动和管理自己的卡计划，向客户或最终用户发行卡，以及授权和结算交易。Marqeta发展迅速，其客户包括Affirm(AFRM)和DoorDash(DASH)等品牌。</blockquote></p><p> Chinese online recruitment platform&nbsp;<b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p><p><blockquote>中文在线招聘平台<b>看准</b>(BZ)计划以82亿美元的市值筹集8.64亿美元。看准的核心产品BOSS直聘是一个移动原生平台，促进求职者和企业客户之间的直接聊天。该公司声称，按月活跃用户数计算，它是2020年中国最大的在线招聘平台。</blockquote></p><p> Mental health services provider&nbsp;<b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p><p><blockquote>心理健康服务提供者<b>生命健康</b>(LFST)计划以61亿美元的市值筹集6.4亿美元。LifeStance表示，截至2021年3月31日，它已经建立了美国最大的门诊心理健康平台之一，在27个州的73个MSA中雇用了3,300多名持牌心理健康临床医生。尽管2021年第一季度的息税前利润转为负值，但该公司仍实现了增长。</blockquote></p><p> Israel’s&nbsp;<b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p><p><blockquote>以色列的<b>周一网</b>(MNDY)计划以68亿美元的市值筹集4.9亿美元。monday.com允许组织轻松构建满足其需求的软件应用程序和工作管理工具。截至2021年3月31日，它为190多个国家200多个行业的近128,000名客户提供服务。Salesforce和Zoom计划同时进行私募，总共投资1.5亿美元。</blockquote></p><p> BPO vendor&nbsp;<b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p><p><blockquote>BPO供应商<b>塔斯库斯</b>(TASK)计划以25亿美元的市值筹集3.04亿美元。TaskUs是一家数字商业服务外包商，提供数字客户体验服务、内容安全服务和人工智能运营。截至2020年12月31日，该公司盈利强劲，增长强劲，拥有100多家客户。</blockquote></p><p> Data-driven marketing platform&nbsp;<b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p><p><blockquote>数据驱动营销平台<b>泽塔全球</b>(ZETA)计划以21亿美元的市值筹集2.5亿美元。该公司的Zeta营销平台使用身份数据通过电子邮件、社交媒体、网络、聊天、联网电视、视频和其他渠道锁定、联系和吸引消费者。Zeta已实现盈利，为1,000多家客户提供服务，2020年提供约5亿次广告展示。</blockquote></p><p> Online luxury goods marketplace&nbsp;<b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p><p><blockquote>网上奢侈品市场<b>第一个</b>(DIBS)计划以7.73亿美元的市值筹集1.12亿美元。1stDibs连接复古、古董和当代家具、家居装饰、珠宝、手表、艺术和时尚的买家和卖家。2020年，该市场有超过58,000名买家在过去一年中进行了购买，平均每年的总购买额超过5,500美元。</blockquote></p><p> Chinese online tutoring platform&nbsp;<b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p><p><blockquote>中文在线辅导平台<b>掌门教育</b>(ZME)计划以19亿美元的市值筹集4300万美元。掌门教育表示，自2017年以来，按收入计算，它一直是中国最大的在线K-12辅导服务提供商，2020年市场份额为32%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p><p><blockquote>预计将有6家公司接受街头调查，多达11家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&amp;P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2011年6月3日，文艺复兴IPO指数今年迄今下跌6.0%，而标普500上涨11.6%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有最多的ETF包括Zoom Video（ZM）和优步（UBER）。Renaissance International IPO指数今年迄今下跌1.1%，而ACWX指数上涨10.5%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有最多的ETF包括Nexi和EQT Partners。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div\">Renaissance Capital</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DIBS":"1stdibs.com Inc.","MQ":"Marqeta, Inc.",".DJI":"道琼斯","MNDY":"Monday.com Ltd.","TASK":"TaskUs Inc.","ZME":"掌门教育",".IXIC":"NASDAQ Composite","ZETA":"Zeta Global Holdings Corp.","BZ":"BOSS直聘","LFST":"LifeStance Health Group, Inc.",".SPX":"S&P 500 Index"},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106312903","content_text":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.\nChinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.\nChinese online recruitment platform Kanzhun(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.\nMental health services provider LifeStance Health(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.\nIsrael’s monday.com(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.\nBPO vendor TaskUs(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.\nData-driven marketing platform Zeta Global(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.\nOnline luxury goods marketplace 1stDibs(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.\nChinese online tutoring platform Zhangmen Education(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.\n\nStreet research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.","news_type":1,"symbols_score_info":{"MQ":0.9,"DIBS":0.9,"BZ":0.9,"LFST":0.9,"TASK":0.9,"ZME":0.9,".SPX":0.9,"ZETA":0.9,"MNDY":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":655,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":118281023,"gmtCreate":1622733554162,"gmtModify":1631891886816,"author":{"id":"3579748173575180","authorId":"3579748173575180","name":"KiangW","avatar":"https://static.tigerbbs.com/befae1f011000c2d219d79b3f13294a9","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579748173575180","authorIdStr":"3579748173575180"},"themes":[],"title":"","htmlText":"Ouch 🤕&nbsp;","listText":"Ouch 🤕&nbsp;","text":"Ouch 🤕","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/118281023","repostId":"1150102285","repostType":4,"isVote":1,"tweetType":1,"viewCount":375,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":118337536,"gmtCreate":1622718810625,"gmtModify":1631891886820,"author":{"id":"3579748173575180","authorId":"3579748173575180","name":"KiangW","avatar":"https://static.tigerbbs.com/befae1f011000c2d219d79b3f13294a9","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579748173575180","authorIdStr":"3579748173575180"},"themes":[],"title":"","htmlText":"Damn I sold bb&nbsp;","listText":"Damn I sold bb&nbsp;","text":"Damn I sold bb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/118337536","repostId":"1199260572","repostType":4,"repost":{"id":"1199260572","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1622707331,"share":"https://www.laohu8.com/m/news/1199260572?lang=zh_CN&edition=full","pubTime":"2021-06-03 16:02","market":"us","language":"en","title":"Meme stocks are flying again in premarket trading<blockquote>迷因股票在盘前交易中再次飞涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199260572","media":"Tiger Newspress","summary":"Meme stocks are flying again in premarket trading.BlackBerry,AMC Entertainment,Sundial Growers and GameStop climbed between 2% and 28%.BlackBerry Limited continues to see increased interest from retail investors and has now overtaken AMC Entertainment Holdings Inc. to emerge as the most-mentioned stock on Reddit’s r/WallStreetBets forum.The moonshot surge in the shares of AMC Entertainment Holdings Inc. has vaulted it into the ranks of some of the world’s most valuable companies.The company has ","content":"<p>Meme stocks are flying again in premarket trading.BlackBerry,AMC&nbsp;Entertainment,Sundial&nbsp;Growers&nbsp;and&nbsp;GameStop&nbsp;climbed between 2% and 28%.</p><p><blockquote>Meme股票在盘前交易中再次飙升。黑莓、AMC Entertainment、Sundial Growers和游戏驿站股价上涨2%至28%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/cbc960badd90a595952eb8ae3d0634dd\" tg-width=\"372\" tg-height=\"603\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>BlackBerry Limited</b>&nbsp;continues to see increased interest from retail investors and has now overtaken&nbsp;<b>AMC Entertainment Holdings Inc.</b>&nbsp;to emerge as the most-mentioned stock on Reddit’s r/WallStreetBets forum.</p><p><blockquote><b>黑莓有限公司</b>散户投资者的兴趣继续增加，现已超过<b>AMC院线控股公司。</b>成为Reddit r/WallStreetBets论坛上被提及最多的股票。</blockquote></p><p>The&nbsp;moonshot surge&nbsp;in the shares of AMC Entertainment Holdings Inc. has vaulted it into the ranks of some of the world’s most valuable companies.</p><p><blockquote>AMC院线控股公司股价飙升，使其跻身全球最有价值公司之列。</blockquote></p><p>The company has gone from a small cap to a large cap in the space of a few months. A 95% gain amid a&nbsp;retail-trading frenzy&nbsp;on Wednesday left the movie-theater chain with a market capitalization of $31.3 billion. That makes it more valuable than half of the companies in the S&amp;P 500 Index.</p><p><blockquote>该公司在几个月的时间里从小盘股变成了大盘股。周三，在零售交易狂潮中，这家连锁电影院的市值达到313亿美元，涨幅达95%。这使得它比标普500指数中一半的公司更有价值。</blockquote></p><p>Paper losses from the bearish wagers on 10 of the most-shorted U.S. shares amounted to $4.5 billion Wednesday, according to Peter Hillerberg, co-founder of analytics provider Ortex. That includes $2.75 billion in unrealized losses for AMC Entertainment Holdings Inc. following the stock’s 95% surge, rising to nearly $4 billion after adding in GameStop Corp. and Bed Bath &amp; Beyond Inc.</p><p><blockquote>分析提供商Ortex联合创始人彼得·希勒伯格(Peter Hillerberg)表示，周三，对10只最被做空的美国股票的看跌押注造成的账面损失达45亿美元。其中包括AMC院线控股公司(Taylor Swift Holdings Inc.)股价飙升95%后的27.5亿美元未实现亏损，加上游戏驿站公司和贝德柏士比昂公司(Bed Bath&amp;Beyond Inc.)后，未实现亏损增至近40亿美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Meme stocks are flying again in premarket trading<blockquote>迷因股票在盘前交易中再次飞涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMeme stocks are flying again in premarket trading<blockquote>迷因股票在盘前交易中再次飞涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-03 16:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Meme stocks are flying again in premarket trading.BlackBerry,AMC&nbsp;Entertainment,Sundial&nbsp;Growers&nbsp;and&nbsp;GameStop&nbsp;climbed between 2% and 28%.</p><p><blockquote>Meme股票在盘前交易中再次飙升。黑莓、AMC Entertainment、Sundial Growers和游戏驿站股价上涨2%至28%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/cbc960badd90a595952eb8ae3d0634dd\" tg-width=\"372\" tg-height=\"603\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>BlackBerry Limited</b>&nbsp;continues to see increased interest from retail investors and has now overtaken&nbsp;<b>AMC Entertainment Holdings Inc.</b>&nbsp;to emerge as the most-mentioned stock on Reddit’s r/WallStreetBets forum.</p><p><blockquote><b>黑莓有限公司</b>散户投资者的兴趣继续增加，现已超过<b>AMC院线控股公司。</b>成为Reddit r/WallStreetBets论坛上被提及最多的股票。</blockquote></p><p>The&nbsp;moonshot surge&nbsp;in the shares of AMC Entertainment Holdings Inc. has vaulted it into the ranks of some of the world’s most valuable companies.</p><p><blockquote>AMC院线控股公司股价飙升，使其跻身全球最有价值公司之列。</blockquote></p><p>The company has gone from a small cap to a large cap in the space of a few months. A 95% gain amid a&nbsp;retail-trading frenzy&nbsp;on Wednesday left the movie-theater chain with a market capitalization of $31.3 billion. That makes it more valuable than half of the companies in the S&amp;P 500 Index.</p><p><blockquote>该公司在几个月的时间里从小盘股变成了大盘股。周三，在零售交易狂潮中，这家连锁电影院的市值达到313亿美元，涨幅达95%。这使得它比标普500指数中一半的公司更有价值。</blockquote></p><p>Paper losses from the bearish wagers on 10 of the most-shorted U.S. shares amounted to $4.5 billion Wednesday, according to Peter Hillerberg, co-founder of analytics provider Ortex. That includes $2.75 billion in unrealized losses for AMC Entertainment Holdings Inc. following the stock’s 95% surge, rising to nearly $4 billion after adding in GameStop Corp. and Bed Bath &amp; Beyond Inc.</p><p><blockquote>分析提供商Ortex联合创始人彼得·希勒伯格(Peter Hillerberg)表示，周三，对10只最被做空的美国股票的看跌押注造成的账面损失达45亿美元。其中包括AMC院线控股公司(Taylor Swift Holdings Inc.)股价飙升95%后的27.5亿美元未实现亏损，加上游戏驿站公司和贝德柏士比昂公司(Bed Bath&amp;Beyond Inc.)后，未实现亏损增至近40亿美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SNDL":"SNDL Inc.","EXPR":"Express, Inc.","BBBY":"Bed Bath & Beyond, Inc.","KOSS":"高斯电子","GME":"游戏驿站","NOK":"诺基亚","AMC":"AMC院线","BB":"黑莓"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199260572","content_text":"Meme stocks are flying again in premarket trading.BlackBerry,AMC Entertainment,Sundial Growers and GameStop climbed between 2% and 28%.BlackBerry Limited continues to see increased interest from retail investors and has now overtaken AMC Entertainment Holdings Inc. to emerge as the most-mentioned stock on Reddit’s r/WallStreetBets forum.The moonshot surge in the shares of AMC Entertainment Holdings Inc. has vaulted it into the ranks of some of the world’s most valuable companies.The company has gone from a small cap to a large cap in the space of a few months. A 95% gain amid a retail-trading frenzy on Wednesday left the movie-theater chain with a market capitalization of $31.3 billion. That makes it more valuable than half of the companies in the S&P 500 Index.Paper losses from the bearish wagers on 10 of the most-shorted U.S. shares amounted to $4.5 billion Wednesday, according to Peter Hillerberg, co-founder of analytics provider Ortex. That includes $2.75 billion in unrealized losses for AMC Entertainment Holdings Inc. following the stock’s 95% surge, rising to nearly $4 billion after adding in GameStop Corp. and Bed Bath & Beyond Inc.","news_type":1,"symbols_score_info":{"BBBY":0.9,"KOSS":0.9,"GME":0.9,"SNDL":0.9,"BB":0.9,"AMC":0.9,"NOK":0.9,"EXPR":0.9}},"isVote":1,"tweetType":1,"viewCount":669,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":113674417,"gmtCreate":1622615387639,"gmtModify":1631891886820,"author":{"id":"3579748173575180","authorId":"3579748173575180","name":"KiangW","avatar":"https://static.tigerbbs.com/befae1f011000c2d219d79b3f13294a9","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579748173575180","authorIdStr":"3579748173575180"},"themes":[],"title":"","htmlText":"Long term play","listText":"Long term play","text":"Long term play","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/113674417","repostId":"2140978814","repostType":4,"isVote":1,"tweetType":1,"viewCount":532,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":119332966,"gmtCreate":1622518372655,"gmtModify":1631891886824,"author":{"id":"3579748173575180","authorId":"3579748173575180","name":"KiangW","avatar":"https://static.tigerbbs.com/befae1f011000c2d219d79b3f13294a9","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579748173575180","authorIdStr":"3579748173575180"},"themes":[],"title":"","htmlText":"So fast included in index&nbsp;","listText":"So fast included in index&nbsp;","text":"So fast included in index","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/119332966","repostId":"2140457902","repostType":4,"repost":{"id":"2140457902","kind":"highlight","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1622516312,"share":"https://www.laohu8.com/m/news/2140457902?lang=zh_CN&edition=full","pubTime":"2021-06-01 10:58","market":"hk","language":"en","title":"JD Logistics rises on inclusion in Hang Seng Composite Index<blockquote>京东物流因纳入恒生综合指数而上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2140457902","media":"Tiger Newspress","summary":"Shares of JD Logistics Inc rise as much as 5.7% to HK$43.9, the ninth most actively traded by turnover.Hang Seng Indexes Company says JD Logistics meets the Fast Entry Rule of various indexes and will be added to Hang Seng Composite Index and sub-indexes effective June 11 JD Logistics, spun off from e-commerce major JD.Com Inc began trading on May 28. It raised $3.16 bln in its IPO, the second-largest in Hong Kong so far in 2021. Shares of JD.Com climb 2.7% to HK$299, the highest since  May 7. T","content":"<p>Shares of JD Logistics Inc rise as much as 5.7% to HK$43.9, the ninth most actively traded by turnover.<img src=\"https://static.tigerbbs.com/5b8100b261190b1798a8289b8c1ec9d0\" tg-width=\"840\" tg-height=\"470\">Hang Seng Indexes Company says JD Logistics meets the Fast Entry Rule of various indexes and will be added to Hang Seng Composite Index and sub-indexes effective June 11&nbsp;JD Logistics, spun off from e-commerce major JD.Com Inc&nbsp;began trading on May 28</p><p><blockquote>京东物流(JD Logistics Inc)股价上涨5.7%，至43.9港元，是成交额第九大最活跃交易。恒生指数公司表示京东物流符合各指数的快速进入规则，将于6月11日起加入恒生综合指数和分类指数京东物流从电子商务巨头京东公司分拆出来，于5月28日开始交易</blockquote></p><p>It raised $3.16 bln in its IPO, the second-largest in Hong Kong so far in 2021</p><p><blockquote>该公司在IPO中筹集了31.6亿美元，是2021年迄今为止香港第二大IPO</blockquote></p><p>Shares of JD.Com climb 2.7% to HK$299, the highest since  May 7</p><p><blockquote>京东股价上涨2.7%至299港元，创5月7日以来最高</blockquote></p><p>The Hong Kong Hang Seng sub-index tracking information technology firms rises 2%, and the Hang Seng Tech Index climbs 1.3%</p><p><blockquote>追踪信息科技公司的香港恒生分类指数上涨2%，恒生科技指数上涨1.3%</blockquote></p><p>The Hang Seng China enterprises index eases 0.1%, while the benchmark index edges up 0.1%</p><p><blockquote>恒生国企指数下跌0.1%，基准指数小幅上涨0.1%</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>JD Logistics rises on inclusion in Hang Seng Composite Index<blockquote>京东物流因纳入恒生综合指数而上涨</blockquote></title>\n<style 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#7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJD Logistics rises on inclusion in Hang Seng Composite Index<blockquote>京东物流因纳入恒生综合指数而上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-01 10:58</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Shares of JD Logistics Inc rise as much as 5.7% to HK$43.9, the ninth most actively traded by turnover.<img src=\"https://static.tigerbbs.com/5b8100b261190b1798a8289b8c1ec9d0\" tg-width=\"840\" tg-height=\"470\">Hang Seng Indexes Company says JD Logistics meets the Fast Entry Rule of various indexes and will be added to Hang Seng Composite Index and sub-indexes effective June 11&nbsp;JD Logistics, spun off from e-commerce major JD.Com Inc&nbsp;began trading on May 28</p><p><blockquote>京东物流(JD Logistics Inc)股价上涨5.7%，至43.9港元，是成交额第九大最活跃交易。恒生指数公司表示京东物流符合各指数的快速进入规则，将于6月11日起加入恒生综合指数和分类指数京东物流从电子商务巨头京东公司分拆出来，于5月28日开始交易</blockquote></p><p>It raised $3.16 bln in its IPO, the second-largest in Hong Kong so far in 2021</p><p><blockquote>该公司在IPO中筹集了31.6亿美元，是2021年迄今为止香港第二大IPO</blockquote></p><p>Shares of JD.Com climb 2.7% to HK$299, the highest since  May 7</p><p><blockquote>京东股价上涨2.7%至299港元，创5月7日以来最高</blockquote></p><p>The Hong Kong Hang Seng sub-index tracking information technology firms rises 2%, and the Hang Seng Tech Index climbs 1.3%</p><p><blockquote>追踪信息科技公司的香港恒生分类指数上涨2%，恒生科技指数上涨1.3%</blockquote></p><p>The Hang Seng China enterprises index eases 0.1%, while the benchmark index edges up 0.1%</p><p><blockquote>恒生国企指数下跌0.1%，基准指数小幅上涨0.1%</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JD":"京东","09618":"京东集团-SW","02618":"京东物流"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2140457902","content_text":"Shares of JD Logistics Inc rise as much as 5.7% to HK$43.9, the ninth most actively traded by turnover.Hang Seng Indexes Company says JD Logistics meets the Fast Entry Rule of various indexes and will be added to Hang Seng Composite Index and sub-indexes effective June 11 JD Logistics, spun off from e-commerce major JD.Com Inc began trading on May 28It raised $3.16 bln in its IPO, the second-largest in Hong Kong so far in 2021Shares of JD.Com climb 2.7% to HK$299, the highest since  May 7The Hong Kong Hang Seng sub-index tracking information technology firms rises 2%, and the Hang Seng Tech Index climbs 1.3%The Hang Seng China enterprises index eases 0.1%, while the benchmark index edges up 0.1%","news_type":1,"symbols_score_info":{"90032":0.9,"02618":0.9,"09618":0.9,"JD":0.9}},"isVote":1,"tweetType":1,"viewCount":702,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":110651181,"gmtCreate":1622451453943,"gmtModify":1631891886825,"author":{"id":"3579748173575180","authorId":"3579748173575180","name":"KiangW","avatar":"https://static.tigerbbs.com/befae1f011000c2d219d79b3f13294a9","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579748173575180","authorIdStr":"3579748173575180"},"themes":[],"title":"","htmlText":"Spce 🤞","listText":"Spce 🤞","text":"Spce 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detected.</p><p><blockquote>美国政府周日宣布进入地区紧急状态，因为在发现重大勒索软件攻击两天后，美国最大的燃料管道系统仍基本关闭。</blockquote></p><p>The Colonial Pipeline Company ships gasoline and jet fuel from the Gulf Coast of Texas to the populousEast Coastthrough 5,500 miles (8,850 kilometres) of pipeline, serving 50 million consumers.</p><p><blockquote>Colonial Pipeline Company通过5,500英里（8,850公里）的管道将汽油和喷气燃料从德克萨斯州墨西哥湾沿岸运送到人口稠密的东海岸，为5,000万消费者提供服务。</blockquote></p><p>The company said it was the victim of acybersecurity attackinvolving ransomware -- attacks that encrypt computer systems and seek to extract payments from operators.</p><p><blockquote>该公司表示，它是涉及勒索软件的网络安全攻击的受害者，这种攻击加密计算机系统并试图从运营商那里提取付款。</blockquote></p><p>\"This Declaration addresses the emergency conditions creating a need for immediate transportation of gasoline, diesel, jet fuel, and other refined petroleum products and provides necessary relief,\" the Department of Transportation said in a statement.</p><p><blockquote>美国交通部在一份声明中表示：“该声明解决了需要立即运输汽油、柴油、喷气燃料和其他精炼石油产品的紧急情况，并提供了必要的救济。”</blockquote></p><p>The emergency declaration allows for fuel to be transported by road to the affected states: Alabama, Arkansas, District of Columbia, Delaware, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, New Jersey,New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas and Virginia.</p><p><blockquote>紧急声明允许燃料通过公路运输到受影响的州：阿拉巴马州、阿肯色州、哥伦比亚特区、特拉华州、佛罗里达州、佐治亚州、肯塔基州、路易斯安那州、马里兰州、密西西比州、新泽西州、纽约州、北卡罗来纳州、宾夕法尼亚州、南卡罗来纳州、田纳西州、德克萨斯州和弗吉尼亚州。</blockquote></p><p>The declaration also provides regulatory relief to commercial motor vehicle operations that are part of the emergency support efforts.</p><p><blockquote>该宣言还为作为紧急支持工作一部分的商业机动车辆运营提供了监管救济。</blockquote></p><p>Colonial said earlier Sunday that it had opened some smaller delivery lines, but the main system was not yet back up and running.</p><p><blockquote>Colonial周日早些时候表示，它已经开通了一些较小的输送线路，但主要系统尚未恢复运行。</blockquote></p><p>\"While our mainlines remain offline, some smaller lateral lines between terminals and delivery points are now operational,\" Colonial said in a statement, adding it would \"bring our full system back online only when we believe it is safe to do so.\"</p><p><blockquote>Colonial在一份声明中表示：“虽然我们的主线仍然离线，但航站楼和交付点之间的一些较小的支线现已投入运营。”他补充说，“只有在我们认为安全的情况下，我们的整个系统才会恢复上线。”</blockquote></p><p>\"We have remained in contact with law enforcement and other federal agencies, including the Department of Energy who is leading the Federal Government response,\" it added.</p><p><blockquote>它补充说：“我们一直与执法部门和其他联邦机构保持联系，包括领导联邦政府应对措施的能源部。”</blockquote></p><p>\"Maintaining the operational security of our pipeline, in addition to safely bringing our systems back online, remain our highest priorities.\"</p><p><blockquote>“除了安全地使我们的系统恢复在线之外，维护我们管道的运营安全仍然是我们的首要任务。”</blockquote></p><p><b>Calls for improved oversight</b></p><p><blockquote><b>改善监督的评级</b></blockquote></p><p>Commerce Secretary Gina Raimondo told CBS on Sunday that authorities were working to prevent any disruption to supplies.</p><p><blockquote>商务部长吉娜·雷蒙多周日告诉哥伦比亚广播公司，当局正在努力防止供应中断。</blockquote></p><p>Colonial, based in the southern state of Georgia, is the largest pipeline operator in the United States by volume, normally transporting 2.5 million barrels of gasoline, diesel fuel, jet fuel and other refined petroleum products per day.</p><p><blockquote>Colonial总部位于南部佐治亚州，是美国运量最大的管道运营商，通常每天运输250万桶汽油、柴油、喷气燃料和其他精炼石油产品。</blockquote></p><p>The attack prompted calls from cybersecurity experts for improved oversight of the industry to prepare for future threats.</p><p><blockquote>此次攻击促使网络安全专家发出评级，要求改善对该行业的监管，为未来的威胁做好准备。</blockquote></p><p>\"This attack is unusual for the US. But the bottom line is that attacks targeting operational technology -- the industrial control systems on the production line or plant floor -- are becoming more frequent,\" Algirde Pipikaite, cyber strategy lead at the World Economic Forum's Centre for Cybersecurity, told AFP on Saturday.</p><p><blockquote>世界经济论坛网络战略负责人阿尔吉德·皮皮凯特（Algirde Pipikaite）周六告诉法新社：“这次攻击对美国来说是不寻常的。但底线是，针对运营技术（生产线或工厂车间的工业控制系统）的攻击变得越来越频繁。”论坛网络安全中心。</blockquote></p><p>\"Unless cybersecurity measures are embedded in a technology's development phase, we are likely to see more frequent attacks on industrial systems like oil and gas pipelines or water treatment plants.\"</p><p><blockquote>“除非在技术的开发阶段嵌入网络安全措施，否则我们可能会看到石油和天然气管道或水处理厂等工业系统受到更频繁的攻击。”</blockquote></p><p>Gas prices jumped in the United States on Sunday following the ransomware attack. Analysts warn that prices could climb even higher if the pipeline is not reopened soon. Oil prices rose more than one percent Monday.</p><p><blockquote>勒索软件攻击后，周日美国汽油价格飙升。分析师警告说，如果管道不尽快重新开放，价格可能会攀升得更高。周一油价上涨超过1%。</blockquote></p><p>The United States was rocked in recent months by news of two major cybersecurity breaches -- the SolarWinds hack that compromised thousands of US government and private sector computer networks and was officially blamed on Russia; and a potentially devastating penetration of Microsoft email servers.</p><p><blockquote>最近几个月，两起重大网络安全漏洞的消息震惊了美国——网络安全管理软件产品黑客入侵了数千个美国政府和私营部门的计算机网络，并被官方归咎于俄罗斯；以及对微软电子邮件服务器的潜在毁灭性渗透。</blockquote></p><p></p>","source":"lsy1620623854247","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US government declares emergency after cyberattack on major pipeline<blockquote>美国政府在主要管道遭到网络攻击后宣布进入紧急状态</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS government declares emergency after cyberattack on major pipeline<blockquote>美国政府在主要管道遭到网络攻击后宣布进入紧急状态</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">AFP</strong><span class=\"h-time small\">2021-05-10 13:17</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The US government declared a regional emergency Sunday as the largest fuel pipeline system in the United States remained largely shut down, two days after a major ransomware attack was detected.</p><p><blockquote>美国政府周日宣布进入地区紧急状态，因为在发现重大勒索软件攻击两天后，美国最大的燃料管道系统仍基本关闭。</blockquote></p><p>The Colonial Pipeline Company ships gasoline and jet fuel from the Gulf Coast of Texas to the populousEast Coastthrough 5,500 miles (8,850 kilometres) of pipeline, serving 50 million consumers.</p><p><blockquote>Colonial Pipeline Company通过5,500英里（8,850公里）的管道将汽油和喷气燃料从德克萨斯州墨西哥湾沿岸运送到人口稠密的东海岸，为5,000万消费者提供服务。</blockquote></p><p>The company said it was the victim of acybersecurity attackinvolving ransomware -- attacks that encrypt computer systems and seek to extract payments from operators.</p><p><blockquote>该公司表示，它是涉及勒索软件的网络安全攻击的受害者，这种攻击加密计算机系统并试图从运营商那里提取付款。</blockquote></p><p>\"This Declaration addresses the emergency conditions creating a need for immediate transportation of gasoline, diesel, jet fuel, and other refined petroleum products and provides necessary relief,\" the Department of Transportation said in a statement.</p><p><blockquote>美国交通部在一份声明中表示：“该声明解决了需要立即运输汽油、柴油、喷气燃料和其他精炼石油产品的紧急情况，并提供了必要的救济。”</blockquote></p><p>The emergency declaration allows for fuel to be transported by road to the affected states: Alabama, Arkansas, District of Columbia, Delaware, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, New Jersey,New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas and Virginia.</p><p><blockquote>紧急声明允许燃料通过公路运输到受影响的州：阿拉巴马州、阿肯色州、哥伦比亚特区、特拉华州、佛罗里达州、佐治亚州、肯塔基州、路易斯安那州、马里兰州、密西西比州、新泽西州、纽约州、北卡罗来纳州、宾夕法尼亚州、南卡罗来纳州、田纳西州、德克萨斯州和弗吉尼亚州。</blockquote></p><p>The declaration also provides regulatory relief to commercial motor vehicle operations that are part of the emergency support efforts.</p><p><blockquote>该宣言还为作为紧急支持工作一部分的商业机动车辆运营提供了监管救济。</blockquote></p><p>Colonial said earlier Sunday that it had opened some smaller delivery lines, but the main system was not yet back up and running.</p><p><blockquote>Colonial周日早些时候表示，它已经开通了一些较小的输送线路，但主要系统尚未恢复运行。</blockquote></p><p>\"While our mainlines remain offline, some smaller lateral lines between terminals and delivery points are now operational,\" Colonial said in a statement, adding it would \"bring our full system back online only when we believe it is safe to do so.\"</p><p><blockquote>Colonial在一份声明中表示：“虽然我们的主线仍然离线，但航站楼和交付点之间的一些较小的支线现已投入运营。”他补充说，“只有在我们认为安全的情况下，我们的整个系统才会恢复上线。”</blockquote></p><p>\"We have remained in contact with law enforcement and other federal agencies, including the Department of Energy who is leading the Federal Government response,\" it added.</p><p><blockquote>它补充说：“我们一直与执法部门和其他联邦机构保持联系，包括领导联邦政府应对措施的能源部。”</blockquote></p><p>\"Maintaining the operational security of our pipeline, in addition to safely bringing our systems back online, remain our highest priorities.\"</p><p><blockquote>“除了安全地使我们的系统恢复在线之外，维护我们管道的运营安全仍然是我们的首要任务。”</blockquote></p><p><b>Calls for improved oversight</b></p><p><blockquote><b>改善监督的评级</b></blockquote></p><p>Commerce Secretary Gina Raimondo told CBS on Sunday that authorities were working to prevent any disruption to supplies.</p><p><blockquote>商务部长吉娜·雷蒙多周日告诉哥伦比亚广播公司，当局正在努力防止供应中断。</blockquote></p><p>Colonial, based in the southern state of Georgia, is the largest pipeline operator in the United States by volume, normally transporting 2.5 million barrels of gasoline, diesel fuel, jet fuel and other refined petroleum products per day.</p><p><blockquote>Colonial总部位于南部佐治亚州，是美国运量最大的管道运营商，通常每天运输250万桶汽油、柴油、喷气燃料和其他精炼石油产品。</blockquote></p><p>The attack prompted calls from cybersecurity experts for improved oversight of the industry to prepare for future threats.</p><p><blockquote>此次攻击促使网络安全专家发出评级，要求改善对该行业的监管，为未来的威胁做好准备。</blockquote></p><p>\"This attack is unusual for the US. But the bottom line is that attacks targeting operational technology -- the industrial control systems on the production line or plant floor -- are becoming more frequent,\" Algirde Pipikaite, cyber strategy lead at the World Economic Forum's Centre for Cybersecurity, told AFP on Saturday.</p><p><blockquote>世界经济论坛网络战略负责人阿尔吉德·皮皮凯特（Algirde Pipikaite）周六告诉法新社：“这次攻击对美国来说是不寻常的。但底线是，针对运营技术（生产线或工厂车间的工业控制系统）的攻击变得越来越频繁。”论坛网络安全中心。</blockquote></p><p>\"Unless cybersecurity measures are embedded in a technology's development phase, we are likely to see more frequent attacks on industrial systems like oil and gas pipelines or water treatment plants.\"</p><p><blockquote>“除非在技术的开发阶段嵌入网络安全措施，否则我们可能会看到石油和天然气管道或水处理厂等工业系统受到更频繁的攻击。”</blockquote></p><p>Gas prices jumped in the United States on Sunday following the ransomware attack. Analysts warn that prices could climb even higher if the pipeline is not reopened soon. Oil prices rose more than one percent Monday.</p><p><blockquote>勒索软件攻击后，周日美国汽油价格飙升。分析师警告说，如果管道不尽快重新开放，价格可能会攀升得更高。周一油价上涨超过1%。</blockquote></p><p>The United States was rocked in recent months by news of two major cybersecurity breaches -- the SolarWinds hack that compromised thousands of US government and private sector computer networks and was officially blamed on Russia; and a potentially devastating penetration of Microsoft email servers.</p><p><blockquote>最近几个月，两起重大网络安全漏洞的消息震惊了美国——网络安全管理软件产品黑客入侵了数千个美国政府和私营部门的计算机网络，并被官方归咎于俄罗斯；以及对微软电子邮件服务器的潜在毁灭性渗透。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.france24.com/en/americas/20210510-biden-declares-state-of-emergency-after-major-us-pipeline-shut-due-to-cyber-attack\">AFP</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.france24.com/en/americas/20210510-biden-declares-state-of-emergency-after-major-us-pipeline-shut-due-to-cyber-attack","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120120226","content_text":"The US government declared a regional emergency Sunday as the largest fuel pipeline system in the United States remained largely shut down, two days after a major ransomware attack was detected.The Colonial Pipeline Company ships gasoline and jet fuel from the Gulf Coast of Texas to the populousEast Coastthrough 5,500 miles (8,850 kilometres) of pipeline, serving 50 million consumers.The company said it was the victim of acybersecurity attackinvolving ransomware -- attacks that encrypt computer systems and seek to extract payments from operators.\"This Declaration addresses the emergency conditions creating a need for immediate transportation of gasoline, diesel, jet fuel, and other refined petroleum products and provides necessary relief,\" the Department of Transportation said in a statement.The emergency declaration allows for fuel to be transported by road to the affected states: Alabama, Arkansas, District of Columbia, Delaware, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, New Jersey,New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas and Virginia.The declaration also provides regulatory relief to commercial motor vehicle operations that are part of the emergency support efforts.Colonial said earlier Sunday that it had opened some smaller delivery lines, but the main system was not yet back up and running.\"While our mainlines remain offline, some smaller lateral lines between terminals and delivery points are now operational,\" Colonial said in a statement, adding it would \"bring our full system back online only when we believe it is safe to do so.\"\"We have remained in contact with law enforcement and other federal agencies, including the Department of Energy who is leading the Federal Government response,\" it added.\"Maintaining the operational security of our pipeline, in addition to safely bringing our systems back online, remain our highest priorities.\"Calls for improved oversightCommerce Secretary Gina Raimondo told CBS on Sunday that authorities were working to prevent any disruption to supplies.Colonial, based in the southern state of Georgia, is the largest pipeline operator in the United States by volume, normally transporting 2.5 million barrels of gasoline, diesel fuel, jet fuel and other refined petroleum products per day.The attack prompted calls from cybersecurity experts for improved oversight of the industry to prepare for future threats.\"This attack is unusual for the US. But the bottom line is that attacks targeting operational technology -- the industrial control systems on the production line or plant floor -- are becoming more frequent,\" Algirde Pipikaite, cyber strategy lead at the World Economic Forum's Centre for Cybersecurity, told AFP on Saturday.\"Unless cybersecurity measures are embedded in a technology's development phase, we are likely to see more frequent attacks on industrial systems like oil and gas pipelines or water treatment plants.\"Gas prices jumped in the United States on Sunday following the ransomware attack. Analysts warn that prices could climb even higher if the pipeline is not reopened soon. Oil prices rose more than one percent Monday.The United States was rocked in recent months by news of two major cybersecurity breaches -- the SolarWinds hack that compromised thousands of US government and private sector computer networks and was officially blamed on Russia; and a potentially devastating penetration of Microsoft email servers.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":845,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":101589808,"gmtCreate":1619922798404,"gmtModify":1634209102491,"author":{"id":"3579748173575180","authorId":"3579748173575180","name":"KiangW","avatar":"https://static.tigerbbs.com/befae1f011000c2d219d79b3f13294a9","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579748173575180","idStr":"3579748173575180"},"themes":[],"title":"","htmlText":"Makes sense","listText":"Makes sense","text":"Makes sense","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/101589808","repostId":"1103106179","repostType":4,"isVote":1,"tweetType":1,"viewCount":681,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":183196887,"gmtCreate":1623313115249,"gmtModify":1631890496875,"author":{"id":"3579748173575180","authorId":"3579748173575180","name":"KiangW","avatar":"https://static.tigerbbs.com/befae1f011000c2d219d79b3f13294a9","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579748173575180","idStr":"3579748173575180"},"themes":[],"title":"","htmlText":"Good for xop?","listText":"Good for xop?","text":"Good for xop?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/183196887","repostId":"1145405384","repostType":4,"repost":{"id":"1145405384","kind":"news","pubTimestamp":1623311195,"share":"https://www.laohu8.com/m/news/1145405384?lang=zh_CN&edition=full","pubTime":"2021-06-10 15:46","market":"us","language":"en","title":"Why One Bank Thinks ESG Could Trigger Hyperinflation<blockquote>为什么一家银行认为ESG可能引发恶性通货膨胀</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1145405384","media":"zerohedge","summary":"In a recent blog post from DB's Francis Yared, the credit strategist looks at one of the lesser disc","content":"<p>In a recent blog post from DB's Francis Yared, the credit strategist looks at one of the lesser discussed drivers of inflation and points out that supply shocks to oil prices have historically been relevant for inflation expectations.</p><p><blockquote>在DB的Francis Yared最近的一篇博客文章中，这位信贷策略师着眼于讨论较少的通胀驱动因素之一，并指出油价的供应冲击历来与通胀预期相关。</blockquote></p><p> As Yared writes, \"supply shock to oil prices have had a significant impact on inflation expectations on three occasions over the past half century: in the mid 70s, the mid 80s and the mid 10s.\" However, unlike the infamous price explosions of the 70s and 80s, in the latest episode the \"shale oil revolution\" resulted in a significant<i>positive</i>supply shock to oil markets which led OPEC in 2014 to defend its market share rather than oil prices. The downward pressure on oil prices, Yared writes,<b>resulted in a shift to a lower inflation regime, which was reflected in both consumer and market inflation expectations (University of Michigan 5-10y and 5y5y breakevens) as well as monetary policy expectations and the term premium.</b></p><p><blockquote>正如亚雷德所写，“过去半个世纪，油价供应冲击曾三次对通胀预期产生重大影响：70年代中期、80年代中期和10年代中期。”然而，与70年代和80年代臭名昭著的价格爆炸不同，在最新的一集里，“页岩油革命”导致了一场重大的<i>积极的</i>石油市场的供应冲击导致石油输出国组织在2014年捍卫其市场份额而不是油价。亚里德写道，油价面临下行压力，<b>导致向较低通胀制度的转变，这反映在消费者和市场通胀预期（密歇根大学5-10年和5年5年盈亏平衡）以及货币政策预期和期限溢价上。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/a506eed4b33e73391548c06fb0c26164\" tg-width=\"500\" tg-height=\"195\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Well not anymore,<b>because ESG is unwinding the shale oil revolution.</b>As recent events at Exxon and Shell have shown, the pressure on oil companies to reduce oil and gas exploration and adapt their business models has increased significantly over the past few months. This is reflected in crude rig counts that have lagged the recovery in oil prices and stand at 1/3rd of the 2014 peak.</p><p><blockquote>现在不是了，<b>因为ESG正在解开页岩油革命。</b>正如埃克森和壳牌最近发生的事件所表明的那样，过去几个月，石油公司减少油气勘探并调整商业模式的压力显著增加。这反映在原油钻机数量落后于油价回升，仅为2014年峰值的1/3。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e9ca397d4dc8887948badc33be1b0354\" tg-width=\"500\" tg-height=\"195\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Similarly, carbon emission future prices in Europe have risen considerably: as theWSJ reported recently, the price of carbon credits traded in Europe has jumped 135% over the past 12 months and recently hit a series of records as economic activity rebounded from pandemic lockdowns. Only lumber, driven higher by the housing boom, has proved a better commodities investment.</p><p><blockquote>同样，欧洲的碳排放期货价格也大幅上涨：正如《华尔街日报》最近报道的那样，随着经济活动从大流行封锁中反弹，欧洲交易的碳信用额价格在过去12个月内上涨了135%，最近创下了一系列纪录。事实证明，只有受房地产繁荣推动走高的木材是更好的大宗商品投资。</blockquote></p><p> As Yared summarizes, \"<b>ESG is a negative supply shock that internalizes the climate cost of the production of goods and services.\"</b>This negative supply shock will be inflationary until technological progress absorbs these costs. That could take years.&nbsp; Moreover in Europe, it could garner enough of political support to justify a more aggressive fiscal policy despite the constraints at the German or EU levels.</p><p><blockquote>正如亚雷德总结的那样，“<b>ESG是一种负面的供应冲击，它将商品和服务生产的气候成本内部化。”</b>在技术进步吸收这些成本之前，这种负面的供应冲击将会导致通货膨胀。这可能需要数年时间。此外，在欧洲，尽管受到德国或欧盟层面的限制，但它可以获得足够的政治支持，证明采取更激进的财政政策是合理的。</blockquote></p><p> To be sure, the global economy has still to contend with the disinflationary impact of ecommerce. However, as DB concludes, \"<i><b>ESG, the Fed's Average Inflation Targeting regime and a significantly more pro-active fiscal policy (at least until the US mid-term elections) constitute a new powerful combination that should be supportive of a higher inflation environment than experienced over the last 10 years</b></i><i>.</i>\"</p><p><blockquote>诚然，全球经济仍需应对电子商务的通货紧缩影响。然而，正如DB总结的那样，“<i><b>ESG、美联储的平均通胀目标制和明显更加积极的财政政策（至少在美国中期选举之前）构成了一个新的强大组合，应该会支持比过去10年更高的通胀环境</b></i><i>.</i>\"</blockquote></p><p> Commenting on his colleague's observations, DB credit strategist Jim Reid agrees, and writes that \"maybe in the fullness of time this surge in mining between 2010-2015 will be the exception rather than the norm and that, in a rapidly changing and ever more ESG sensitive world, it will be&nbsp; harder to get oil out of the ground.<b>Pricing climate-change externalities more generally could make things more expensive over time. Are we on the verge of another change in inflation expectations due to oil and energy, one that is in large part due to ESG</b>.\"</p><p><blockquote>DB信贷策略师吉姆·里德(Jim Reid)在评论同事的观察时表示同意，并写道：“也许在适当的时候，2010年至2015年间采矿业的激增将是例外，而不是常态，而且在一个快速变化且日益增长的环境中。ESG敏感的世界，从地下开采石油将更加困难。<b>随着时间的推移，更普遍地为气候变化外部性定价可能会使事情变得更加昂贵。我们是否正处于石油和能源导致通胀预期再次发生变化的边缘，而这种变化很大程度上是由于ESG造成的</b>.\"</blockquote></p><p> So in case there was still any confusion why the establishment has adopted ESG as gospel - and as a reminder, ESG is nothing new, and many years ago used to be called Corporate Social Responsibility, or CSR and even Nobel economist Milton Friedman warned against its subversive nature 50 years ago when he said that taking on externally dictated “social responsibilities” beyond those directly related to a company’s business opened the floodgates to endless pressure and interferenc - at a time when the same establishment is also desperate to inflate away thenearly $300 trillion in global debt, now you know: ESG looks like the catalyst that will unleash runaway inflation. And if central banks fail to contain it in time, the entire developed world may soon descend into hyperinflation.</p><p><blockquote>因此，如果人们仍然对为什么当权派将ESG作为福音感到困惑——提醒一下，ESG并不是什么新鲜事，许多年前它曾被称为企业社会责任，或CSR，甚至诺贝尔经济学家米尔顿·弗里德曼（Milton Friedman）也警告不要这样做。50年前，他表示，承担与公司业务直接相关的外部规定的“社会责任”打开了无尽压力和干预的闸门——而此时，同一当权派也不顾一切地消除最初300万亿美元的全球债务，现在你知道了：ESG看起来像是释放失控通货膨胀的催化剂。而如果各国央行未能及时遏制，整个发达国家可能很快就会陷入恶性通货膨胀。</blockquote></p><p> Which in turn should also answer the other pressing question: why are central banks so desperate to issue their own digital, programmable currencies? Well, the ability to turn money on and off with the literal flip of a switch will come in extremely useful in a world where authorities have lost control over all other monetary pathways...</p><p><blockquote>这反过来也应该回答另一个紧迫的问题：为什么央行如此不顾一切地发行自己的数字、可编程货币？嗯，在一个当局已经失去了对所有其他货币渠道的控制的世界里，只需按一下开关就能打开和关闭货币的能力将会非常有用...</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why One Bank Thinks ESG Could Trigger Hyperinflation<blockquote>为什么一家银行认为ESG可能引发恶性通货膨胀</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy One Bank Thinks ESG Could Trigger Hyperinflation<blockquote>为什么一家银行认为ESG可能引发恶性通货膨胀</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-10 15:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In a recent blog post from DB's Francis Yared, the credit strategist looks at one of the lesser discussed drivers of inflation and points out that supply shocks to oil prices have historically been relevant for inflation expectations.</p><p><blockquote>在DB的Francis Yared最近的一篇博客文章中，这位信贷策略师着眼于讨论较少的通胀驱动因素之一，并指出油价的供应冲击历来与通胀预期相关。</blockquote></p><p> As Yared writes, \"supply shock to oil prices have had a significant impact on inflation expectations on three occasions over the past half century: in the mid 70s, the mid 80s and the mid 10s.\" However, unlike the infamous price explosions of the 70s and 80s, in the latest episode the \"shale oil revolution\" resulted in a significant<i>positive</i>supply shock to oil markets which led OPEC in 2014 to defend its market share rather than oil prices. The downward pressure on oil prices, Yared writes,<b>resulted in a shift to a lower inflation regime, which was reflected in both consumer and market inflation expectations (University of Michigan 5-10y and 5y5y breakevens) as well as monetary policy expectations and the term premium.</b></p><p><blockquote>正如亚雷德所写，“过去半个世纪，油价供应冲击曾三次对通胀预期产生重大影响：70年代中期、80年代中期和10年代中期。”然而，与70年代和80年代臭名昭著的价格爆炸不同，在最新的一集里，“页岩油革命”导致了一场重大的<i>积极的</i>石油市场的供应冲击导致石油输出国组织在2014年捍卫其市场份额而不是油价。亚里德写道，油价面临下行压力，<b>导致向较低通胀制度的转变，这反映在消费者和市场通胀预期（密歇根大学5-10年和5年5年盈亏平衡）以及货币政策预期和期限溢价上。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/a506eed4b33e73391548c06fb0c26164\" tg-width=\"500\" tg-height=\"195\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Well not anymore,<b>because ESG is unwinding the shale oil revolution.</b>As recent events at Exxon and Shell have shown, the pressure on oil companies to reduce oil and gas exploration and adapt their business models has increased significantly over the past few months. This is reflected in crude rig counts that have lagged the recovery in oil prices and stand at 1/3rd of the 2014 peak.</p><p><blockquote>现在不是了，<b>因为ESG正在解开页岩油革命。</b>正如埃克森和壳牌最近发生的事件所表明的那样，过去几个月，石油公司减少油气勘探并调整商业模式的压力显著增加。这反映在原油钻机数量落后于油价回升，仅为2014年峰值的1/3。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e9ca397d4dc8887948badc33be1b0354\" tg-width=\"500\" tg-height=\"195\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Similarly, carbon emission future prices in Europe have risen considerably: as theWSJ reported recently, the price of carbon credits traded in Europe has jumped 135% over the past 12 months and recently hit a series of records as economic activity rebounded from pandemic lockdowns. Only lumber, driven higher by the housing boom, has proved a better commodities investment.</p><p><blockquote>同样，欧洲的碳排放期货价格也大幅上涨：正如《华尔街日报》最近报道的那样，随着经济活动从大流行封锁中反弹，欧洲交易的碳信用额价格在过去12个月内上涨了135%，最近创下了一系列纪录。事实证明，只有受房地产繁荣推动走高的木材是更好的大宗商品投资。</blockquote></p><p> As Yared summarizes, \"<b>ESG is a negative supply shock that internalizes the climate cost of the production of goods and services.\"</b>This negative supply shock will be inflationary until technological progress absorbs these costs. That could take years.&nbsp; Moreover in Europe, it could garner enough of political support to justify a more aggressive fiscal policy despite the constraints at the German or EU levels.</p><p><blockquote>正如亚雷德总结的那样，“<b>ESG是一种负面的供应冲击，它将商品和服务生产的气候成本内部化。”</b>在技术进步吸收这些成本之前，这种负面的供应冲击将会导致通货膨胀。这可能需要数年时间。此外，在欧洲，尽管受到德国或欧盟层面的限制，但它可以获得足够的政治支持，证明采取更激进的财政政策是合理的。</blockquote></p><p> To be sure, the global economy has still to contend with the disinflationary impact of ecommerce. However, as DB concludes, \"<i><b>ESG, the Fed's Average Inflation Targeting regime and a significantly more pro-active fiscal policy (at least until the US mid-term elections) constitute a new powerful combination that should be supportive of a higher inflation environment than experienced over the last 10 years</b></i><i>.</i>\"</p><p><blockquote>诚然，全球经济仍需应对电子商务的通货紧缩影响。然而，正如DB总结的那样，“<i><b>ESG、美联储的平均通胀目标制和明显更加积极的财政政策（至少在美国中期选举之前）构成了一个新的强大组合，应该会支持比过去10年更高的通胀环境</b></i><i>.</i>\"</blockquote></p><p> Commenting on his colleague's observations, DB credit strategist Jim Reid agrees, and writes that \"maybe in the fullness of time this surge in mining between 2010-2015 will be the exception rather than the norm and that, in a rapidly changing and ever more ESG sensitive world, it will be&nbsp; harder to get oil out of the ground.<b>Pricing climate-change externalities more generally could make things more expensive over time. Are we on the verge of another change in inflation expectations due to oil and energy, one that is in large part due to ESG</b>.\"</p><p><blockquote>DB信贷策略师吉姆·里德(Jim Reid)在评论同事的观察时表示同意，并写道：“也许在适当的时候，2010年至2015年间采矿业的激增将是例外，而不是常态，而且在一个快速变化且日益增长的环境中。ESG敏感的世界，从地下开采石油将更加困难。<b>随着时间的推移，更普遍地为气候变化外部性定价可能会使事情变得更加昂贵。我们是否正处于石油和能源导致通胀预期再次发生变化的边缘，而这种变化很大程度上是由于ESG造成的</b>.\"</blockquote></p><p> So in case there was still any confusion why the establishment has adopted ESG as gospel - and as a reminder, ESG is nothing new, and many years ago used to be called Corporate Social Responsibility, or CSR and even Nobel economist Milton Friedman warned against its subversive nature 50 years ago when he said that taking on externally dictated “social responsibilities” beyond those directly related to a company’s business opened the floodgates to endless pressure and interferenc - at a time when the same establishment is also desperate to inflate away thenearly $300 trillion in global debt, now you know: ESG looks like the catalyst that will unleash runaway inflation. And if central banks fail to contain it in time, the entire developed world may soon descend into hyperinflation.</p><p><blockquote>因此，如果人们仍然对为什么当权派将ESG作为福音感到困惑——提醒一下，ESG并不是什么新鲜事，许多年前它曾被称为企业社会责任，或CSR，甚至诺贝尔经济学家米尔顿·弗里德曼（Milton Friedman）也警告不要这样做。50年前，他表示，承担与公司业务直接相关的外部规定的“社会责任”打开了无尽压力和干预的闸门——而此时，同一当权派也不顾一切地消除最初300万亿美元的全球债务，现在你知道了：ESG看起来像是释放失控通货膨胀的催化剂。而如果各国央行未能及时遏制，整个发达国家可能很快就会陷入恶性通货膨胀。</blockquote></p><p> Which in turn should also answer the other pressing question: why are central banks so desperate to issue their own digital, programmable currencies? Well, the ability to turn money on and off with the literal flip of a switch will come in extremely useful in a world where authorities have lost control over all other monetary pathways...</p><p><blockquote>这反过来也应该回答另一个紧迫的问题：为什么央行如此不顾一切地发行自己的数字、可编程货币？嗯，在一个当局已经失去了对所有其他货币渠道的控制的世界里，只需按一下开关就能打开和关闭货币的能力将会非常有用...</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/why-one-bank-thinks-esg-could-trigger-hyperinflation\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/markets/why-one-bank-thinks-esg-could-trigger-hyperinflation","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145405384","content_text":"In a recent blog post from DB's Francis Yared, the credit strategist looks at one of the lesser discussed drivers of inflation and points out that supply shocks to oil prices have historically been relevant for inflation expectations.\nAs Yared writes, \"supply shock to oil prices have had a significant impact on inflation expectations on three occasions over the past half century: in the mid 70s, the mid 80s and the mid 10s.\" However, unlike the infamous price explosions of the 70s and 80s, in the latest episode the \"shale oil revolution\" resulted in a significantpositivesupply shock to oil markets which led OPEC in 2014 to defend its market share rather than oil prices. The downward pressure on oil prices, Yared writes,resulted in a shift to a lower inflation regime, which was reflected in both consumer and market inflation expectations (University of Michigan 5-10y and 5y5y breakevens) as well as monetary policy expectations and the term premium.\n\nWell not anymore,because ESG is unwinding the shale oil revolution.As recent events at Exxon and Shell have shown, the pressure on oil companies to reduce oil and gas exploration and adapt their business models has increased significantly over the past few months. This is reflected in crude rig counts that have lagged the recovery in oil prices and stand at 1/3rd of the 2014 peak.\n\nSimilarly, carbon emission future prices in Europe have risen considerably: as theWSJ reported recently, the price of carbon credits traded in Europe has jumped 135% over the past 12 months and recently hit a series of records as economic activity rebounded from pandemic lockdowns. Only lumber, driven higher by the housing boom, has proved a better commodities investment.\nAs Yared summarizes, \"ESG is a negative supply shock that internalizes the climate cost of the production of goods and services.\"This negative supply shock will be inflationary until technological progress absorbs these costs. That could take years.  Moreover in Europe, it could garner enough of political support to justify a more aggressive fiscal policy despite the constraints at the German or EU levels.\nTo be sure, the global economy has still to contend with the disinflationary impact of ecommerce. However, as DB concludes, \"ESG, the Fed's Average Inflation Targeting regime and a significantly more pro-active fiscal policy (at least until the US mid-term elections) constitute a new powerful combination that should be supportive of a higher inflation environment than experienced over the last 10 years.\"\nCommenting on his colleague's observations, DB credit strategist Jim Reid agrees, and writes that \"maybe in the fullness of time this surge in mining between 2010-2015 will be the exception rather than the norm and that, in a rapidly changing and ever more ESG sensitive world, it will be  harder to get oil out of the ground.Pricing climate-change externalities more generally could make things more expensive over time. Are we on the verge of another change in inflation expectations due to oil and energy, one that is in large part due to ESG.\"\nSo in case there was still any confusion why the establishment has adopted ESG as gospel - and as a reminder, ESG is nothing new, and many years ago used to be called Corporate Social Responsibility, or CSR and even Nobel economist Milton Friedman warned against its subversive nature 50 years ago when he said that taking on externally dictated “social responsibilities” beyond those directly related to a company’s business opened the floodgates to endless pressure and interferenc - at a time when the same establishment is also desperate to inflate away thenearly $300 trillion in global debt, now you know: ESG looks like the catalyst that will unleash runaway inflation. And if central banks fail to contain it in time, the entire developed world may soon descend into hyperinflation.\nWhich in turn should also answer the other pressing question: why are central banks so desperate to issue their own digital, programmable currencies? Well, the ability to turn money on and off with the literal flip of a switch will come in extremely useful in a world where authorities have lost control over all other monetary pathways...","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1428,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":196298665,"gmtCreate":1621054229757,"gmtModify":1631894046822,"author":{"id":"3579748173575180","authorId":"3579748173575180","name":"KiangW","avatar":"https://static.tigerbbs.com/befae1f011000c2d219d79b3f13294a9","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579748173575180","idStr":"3579748173575180"},"themes":[],"title":"","htmlText":"Is that legal ? 🤔","listText":"Is that legal ? 🤔","text":"Is that legal ? 🤔","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/196298665","repostId":"1174509827","repostType":4,"repost":{"id":"1174509827","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1621004388,"share":"https://www.laohu8.com/m/news/1174509827?lang=zh_CN&edition=full","pubTime":"2021-05-14 22:59","market":"us","language":"en","title":"Delta Mandates All New Employees Must Have COVID-19 Vaccinations<blockquote>达美航空要求所有新员工必须接种COVID-19疫苗</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1174509827","media":"Benzinga","summary":"Delta Air Lines, Inc. DAL 4.24% has announced a new corporate mandate requiring all future employees to be vaccinated against COVID-19 before joining the company.What Happened: The Atlanta-headquartered carrier issued a statement praising the vaccines for protecting individuals and speeding the end of the pandemic, adding that the new mandate will ensure its employees will not face a reprise of the health crisis.“Delta people have made great progress to achieve herd immunity within our workforce","content":"<p><b>Delta Air Lines, Inc.</b>&nbsp;DAL 4.24%&nbsp;has announced a new corporate mandate requiring all future employees to be vaccinated against COVID-19 before joining the company.</p><p><blockquote><b>达美航空公司。</b>DAL 4.24%宣布了一项新的公司规定，要求所有未来的员工在加入公司之前接种新冠肺炎疫苗。</blockquote></p><p> <b>What Happened:</b>&nbsp;The Atlanta-headquartered carrier issued a statement praising the vaccines for protecting individuals and speeding the end of the pandemic, adding that&nbsp;the new mandate will ensure its employees will not face a reprise of the health crisis.</p><p><blockquote><b>发生了什么：</b>这家总部位于亚特兰大的航空公司发表声明，赞扬疫苗保护个人并加速疫情的结束，并补充说新的授权将确保其员工不会面临健康危机的重演。</blockquote></p><p> “Delta people have made great progress to achieve herd immunity within our workforce, so to help us maintain that trajectory, we will be requiring all new hires in the U.S. to be vaccinated against COVID-19 unless they qualify for an accommodation,” said Elizabeth Ninomiya, manager of strategic communications. “This is an important move to protect our workforce and our customers as our business recovers and demand for air travel continues to rise.”</p><p><blockquote>“达美航空员工在实现员工群体免疫方面取得了巨大进展，因此为了帮助我们维持这一轨迹，我们将要求美国所有新员工接种COVID-19疫苗，除非他们有资格获得住宿，”战略传播经理伊丽莎白·二宫(Elizabeth Ninomiya)说道。“随着我们业务的复苏和航空旅行需求的持续增长，这是保护我们员工和客户的重要举措。”</blockquote></p><p> Speaking on&nbsp;CNN, Delta CEO Ed Bastian clarified this mandate won't apply to current employees.</p><p><blockquote>达美航空首席执行官埃德·巴斯蒂安(Ed Bastian)在接受美国有线电视新闻网(CNN)采访时澄清，这一规定不适用于现有员工。</blockquote></p><p> “I am not going to mandate and force people if they have some specific reason why they don’t want to get vaccinated,” he said. “I am going to strongly encourage them that they understand the risks of not getting vaccinated.”</p><p><blockquote>他说：“如果人们有一些具体原因不想接种疫苗，我不会强制他们。”“我将强烈鼓励他们了解不接种疫苗的风险。”</blockquote></p><p> However, he noted&nbsp;employees who are not vaccinated may be excluded from certain assignments, including international flights. He added that 60% of Delta’s workforce has at least one vaccine shot.</p><p><blockquote>然而，他指出，未接种疫苗的员工可能会被排除在某些任务之外，包括国际航班。他补充说，达美航空60%的员工至少接种过一次疫苗。</blockquote></p><p> <i>Related Link:CDC Says Fully Vaccinated People Can Mostly Stop Wearing Masks</i></p><p><blockquote><i>相关链接：CDC称完全接种疫苗的人大多可以停止戴口罩</i></blockquote></p><p> <b>Why It Matters:</b>&nbsp;Delta is the first U.S. carrier to announce it will only hire vaccinated individuals.The New York Timesreported&nbsp;<b>United Airlines Holdings&nbsp;Inc.</b>UAL 4.73%CEO Scott Kirby voiced his support for the idea in a video forum in January, but decided not to go forward because the carrier could not “realistically be the only company” to take this action.</p><p><blockquote><b>为什么重要：</b>达美航空是第一家宣布只雇佣接种疫苗的个人的美国航空公司。《纽约时报》报道<b>联合航空控股公司。</b>UAL 4.73%首席执行官斯科特·柯比(Scott Kirby)在1月份的一个视频论坛上表示支持这一想法，但决定不继续推进，因为该运营商不可能“实际上是唯一一家”采取这一行动。</blockquote></p><p> Although most schools in the U.S. require children to have certain vaccinations, there is no precedent for companies refusing to hire people based on their vaccination status.</p><p><blockquote>尽管美国大多数学校要求儿童接种一定的疫苗，但没有公司根据疫苗接种情况拒绝雇用人员的先例。</blockquote></p><p> Current&nbsp;federal policy on employer-mandated vaccinations is focused on the rights of current employees, not potential hires.</p><p><blockquote>目前关于雇主强制接种疫苗的联邦政策侧重于当前员工的权利，而不是潜在雇员的权利。</blockquote></p><p> The Equal Employment Opportunity Commission (EEOC) issued&nbsp;guidancelast December stating companies “may encourage or possibly require COVID-19 vaccinations” of its workforce, provided their policies are in compliance with workplace laws including the Americans with Disabilities Act and Title VII of the Civil Rights Act of 1964 (Title VII).</p><p><blockquote>平等就业机会委员会（EEOC）去年12月发布了指南，指出公司“可以鼓励或可能要求”其员工接种新冠肺炎疫苗，前提是他们的政策符合工作场所法律，包括《美国残疾人法案》和1964年民权法案第七章（第七章）。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Delta Mandates All New Employees Must Have COVID-19 Vaccinations<blockquote>达美航空要求所有新员工必须接种COVID-19疫苗</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDelta Mandates All New Employees Must Have COVID-19 Vaccinations<blockquote>达美航空要求所有新员工必须接种COVID-19疫苗</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-05-14 22:59</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>Delta Air Lines, Inc.</b>&nbsp;DAL 4.24%&nbsp;has announced a new corporate mandate requiring all future employees to be vaccinated against COVID-19 before joining the company.</p><p><blockquote><b>达美航空公司。</b>DAL 4.24%宣布了一项新的公司规定，要求所有未来的员工在加入公司之前接种新冠肺炎疫苗。</blockquote></p><p> <b>What Happened:</b>&nbsp;The Atlanta-headquartered carrier issued a statement praising the vaccines for protecting individuals and speeding the end of the pandemic, adding that&nbsp;the new mandate will ensure its employees will not face a reprise of the health crisis.</p><p><blockquote><b>发生了什么：</b>这家总部位于亚特兰大的航空公司发表声明，赞扬疫苗保护个人并加速疫情的结束，并补充说新的授权将确保其员工不会面临健康危机的重演。</blockquote></p><p> “Delta people have made great progress to achieve herd immunity within our workforce, so to help us maintain that trajectory, we will be requiring all new hires in the U.S. to be vaccinated against COVID-19 unless they qualify for an accommodation,” said Elizabeth Ninomiya, manager of strategic communications. “This is an important move to protect our workforce and our customers as our business recovers and demand for air travel continues to rise.”</p><p><blockquote>“达美航空员工在实现员工群体免疫方面取得了巨大进展，因此为了帮助我们维持这一轨迹，我们将要求美国所有新员工接种COVID-19疫苗，除非他们有资格获得住宿，”战略传播经理伊丽莎白·二宫(Elizabeth Ninomiya)说道。“随着我们业务的复苏和航空旅行需求的持续增长，这是保护我们员工和客户的重要举措。”</blockquote></p><p> Speaking on&nbsp;CNN, Delta CEO Ed Bastian clarified this mandate won't apply to current employees.</p><p><blockquote>达美航空首席执行官埃德·巴斯蒂安(Ed Bastian)在接受美国有线电视新闻网(CNN)采访时澄清，这一规定不适用于现有员工。</blockquote></p><p> “I am not going to mandate and force people if they have some specific reason why they don’t want to get vaccinated,” he said. “I am going to strongly encourage them that they understand the risks of not getting vaccinated.”</p><p><blockquote>他说：“如果人们有一些具体原因不想接种疫苗，我不会强制他们。”“我将强烈鼓励他们了解不接种疫苗的风险。”</blockquote></p><p> However, he noted&nbsp;employees who are not vaccinated may be excluded from certain assignments, including international flights. He added that 60% of Delta’s workforce has at least one vaccine shot.</p><p><blockquote>然而，他指出，未接种疫苗的员工可能会被排除在某些任务之外，包括国际航班。他补充说，达美航空60%的员工至少接种过一次疫苗。</blockquote></p><p> <i>Related Link:CDC Says Fully Vaccinated People Can Mostly Stop Wearing Masks</i></p><p><blockquote><i>相关链接：CDC称完全接种疫苗的人大多可以停止戴口罩</i></blockquote></p><p> <b>Why It Matters:</b>&nbsp;Delta is the first U.S. carrier to announce it will only hire vaccinated individuals.The New York Timesreported&nbsp;<b>United Airlines Holdings&nbsp;Inc.</b>UAL 4.73%CEO Scott Kirby voiced his support for the idea in a video forum in January, but decided not to go forward because the carrier could not “realistically be the only company” to take this action.</p><p><blockquote><b>为什么重要：</b>达美航空是第一家宣布只雇佣接种疫苗的个人的美国航空公司。《纽约时报》报道<b>联合航空控股公司。</b>UAL 4.73%首席执行官斯科特·柯比(Scott Kirby)在1月份的一个视频论坛上表示支持这一想法，但决定不继续推进，因为该运营商不可能“实际上是唯一一家”采取这一行动。</blockquote></p><p> Although most schools in the U.S. require children to have certain vaccinations, there is no precedent for companies refusing to hire people based on their vaccination status.</p><p><blockquote>尽管美国大多数学校要求儿童接种一定的疫苗，但没有公司根据疫苗接种情况拒绝雇用人员的先例。</blockquote></p><p> Current&nbsp;federal policy on employer-mandated vaccinations is focused on the rights of current employees, not potential hires.</p><p><blockquote>目前关于雇主强制接种疫苗的联邦政策侧重于当前员工的权利，而不是潜在雇员的权利。</blockquote></p><p> The Equal Employment Opportunity Commission (EEOC) issued&nbsp;guidancelast December stating companies “may encourage or possibly require COVID-19 vaccinations” of its workforce, provided their policies are in compliance with workplace laws including the Americans with Disabilities Act and Title VII of the Civil Rights Act of 1964 (Title VII).</p><p><blockquote>平等就业机会委员会（EEOC）去年12月发布了指南，指出公司“可以鼓励或可能要求”其员工接种新冠肺炎疫苗，前提是他们的政策符合工作场所法律，包括《美国残疾人法案》和1964年民权法案第七章（第七章）。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DAL":"达美航空"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1174509827","content_text":"Delta Air Lines, Inc. DAL 4.24% has announced a new corporate mandate requiring all future employees to be vaccinated against COVID-19 before joining the company.\nWhat Happened: The Atlanta-headquartered carrier issued a statement praising the vaccines for protecting individuals and speeding the end of the pandemic, adding that the new mandate will ensure its employees will not face a reprise of the health crisis.\n“Delta people have made great progress to achieve herd immunity within our workforce, so to help us maintain that trajectory, we will be requiring all new hires in the U.S. to be vaccinated against COVID-19 unless they qualify for an accommodation,” said Elizabeth Ninomiya, manager of strategic communications. “This is an important move to protect our workforce and our customers as our business recovers and demand for air travel continues to rise.”\nSpeaking on CNN, Delta CEO Ed Bastian clarified this mandate won't apply to current employees.\n“I am not going to mandate and force people if they have some specific reason why they don’t want to get vaccinated,” he said. “I am going to strongly encourage them that they understand the risks of not getting vaccinated.”\nHowever, he noted employees who are not vaccinated may be excluded from certain assignments, including international flights. He added that 60% of Delta’s workforce has at least one vaccine shot.\nRelated Link:CDC Says Fully Vaccinated People Can Mostly Stop Wearing Masks\nWhy It Matters: Delta is the first U.S. carrier to announce it will only hire vaccinated individuals.The New York Timesreported United Airlines Holdings Inc.UAL 4.73%CEO Scott Kirby voiced his support for the idea in a video forum in January, but decided not to go forward because the carrier could not “realistically be the only company” to take this action.\nAlthough most schools in the U.S. require children to have certain vaccinations, there is no precedent for companies refusing to hire people based on their vaccination status.\nCurrent federal policy on employer-mandated vaccinations is focused on the rights of current employees, not potential hires.\nThe Equal Employment Opportunity Commission (EEOC) issued guidancelast December stating companies “may encourage or possibly require COVID-19 vaccinations” of its workforce, provided their policies are in compliance with workplace laws including the Americans with Disabilities Act and Title VII of the Civil Rights Act of 1964 (Title VII).","news_type":1,"symbols_score_info":{"DAL":0.9}},"isVote":1,"tweetType":1,"viewCount":670,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}